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Close Brothers Asset Finance believes it is privileged to work with some of the most cutting-edge companies the UK has to offer, including the innovative supercar maker, Briggs Automotive Company (BAC).\xa0 BAC produce the single-seated BAC Mono, which in 2018 won the Supercar Shoot Out at the Goodwood Festival of Speed, setting the fastest supercar time ever clocked. Here we explain how, and why, BAC selected Close Brothers Asset Finance as their long-term finance partner\u2026 The customer

Founded in 2009, Briggs Automotive Company (BAC) is known for developing the world\u2019s first, and only \u2013 single-seater, road-legal supercar. The car is the product of brothers Ian and Neill Briggs\u2019 ambition to produce a car that delivers the ultimate driving experience \u2013 a vehicle that focuses solely on the person behind the wheel and is the ultimate piece of driving sporting equipment.

BAC Mono was showcased on BBC\u2019s Top Gear \u2013 setting the fastest-ever Power Lap time on road-legal tyres \u2013 and went on to be named the Stig\u2019s Car of the Year in 2011. Televised accolades were only the start of things to come for BAC, with the Mono scooping seven production car lap records at iconic circuits around the world.\xa0

BAC continually invests and collaborates to create new and improved components, materials and technology to remain at the cutting edge of automotive manufacturing.\xa0 The business needed a solution that would simultaneously allow continuity of daily operations while executing expansion plans.

To produce and release future models, BAC secured a property adjacent to its existing building to increase servicing capacity and manufacturing space. However, a new fit-out was required to ensure the new building was fit for purpose and allow the supercar manufacturer to develop and manufacture its ultra-high-performance vehicles.

Neill Briggs, BAC\u2019s Co-Founder and Director of Product Development approached Close Brothers Asset Finance because of the companies\u2019 shared values and understanding of the importance of long-term working partnerships.

Matthew Sproston, Area Sales Manager at Close Brothers Asset Finance, reviewed BAC\u2019s business requirements to better understand the finance options that would best suit BAC.

BAC had several vehicles they retained for development, track days and demonstrations. One of the vehicles held significant sentimental value because it was the first BAC Mono ever produced, and because of this, its intrinsic value was far more than the sum of its parts.

Matthew worked closely with BAC, using this unique asset to raise the required capital for the new building fit-out, developing a tailor-made Sale and HP Back agreement, which allowed BAC to still have full use of the treasured BAC Mono.

By releasing funds against an existing asset, BAC completed the fit out of the new building without affecting cash flow.\xa0 BAC can now continue to do what it does best: develop and manufacture ultra-high-performance vehicles.

\u201cWe are incredibly proud of what we have achieved in a relatively short time,\u201d said Neill Briggs, Co-Founder and Director of Product Development. \u201cBAC understands the value of relationships, which is why we chose Close Brothers Asset Finance as a key funding partner. They share our commitment to long-term partnerships and I\u2019m really pleased to have them along for the journey.\u201d

To find out how Close Brothers Asset Finance can support your business with asset finance call: 01244 457 569 or visit our website www.closeasset.co.uk/manufacturing