UK distributor Midwich UK&I has announced the launch of Mi Finance; its new financial services offering that “supports customers’ business growth through help in acquiring new technologies or upgrading assets while protecting their working capital”.
The service is currently available to customers of Midwich Ltd, Nimans Ltd and Sound Technology Ltd, and offers competitive rates for lease and hire purchases. The company said that three product options are currently available including finance lease, hire purchase, and operating lease, with a fourth product in development.
“We are really excited to bring this proposition to market. We are constantly looking at ways to increase our service offering and Mi Finance is our answer,” explained Simon Munday, Mi Finance manager. “We work as an extension to our customer’s team – taking the administration out of their hands, offering quotations, managing proposal acceptances, completing documents, and arranging swift payments – so they don’t have to. The service is also available as an offering to facilitate transactions with their end client.”
The company stated that leasing has grown in popularity with recent figures by the Finance & Leasing Association (FLA) suggesting “that total asset finance new business (primarily leasing and hire purchase) grew in January 2023 by 8 per cent compared with the same month in 2022. In the twelve months to January 2023, new business was 6 per cent higher than in the same period in 2022”.
Louise Nevard, director – credit at Midwich UK&I, added: “It’s great to be able to offer Mi Finance to our customers and work with the experienced and knowledgeable team at Nimans. They’ve got a proven track record of delivering results and to have them leading our Mi Finance proposition is fantastic. Using the team’s experience means that we can expand on our previous leasing services, which we launched in 2018, to provide the support our customers need.”