Ignition Credit

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Spring Budget 2024

11th March 2024 By startassetfinance

What does the Spring Budget mean for SME’s?

Amidst the UK’s entry into a technical recession towards the end of 2023 and with a looming general election on the horizon, Chancellor Jeremy Hunt faced mounting pressure to unveil a Spring Budget that showcased both fiscal prudence and generosity.

Branding the fiscal statement as a ‘Budget for long-term growth,’ Hunt centred his address on implementing tax incentives, enhancing investment, and addressing inequities within the UK tax framework. What will this mean to your business?

As is customary, a new Budget announcement from the Chancellor of the Exchequer can elicit varied reactions. For some, it brings favourable outcomes with the introduction of fresh allowances and initiatives, while others may feel overlooked amidst the fiscal rearrangements.

In the Spring Budget, alongside a substantial £10 Billion National Insurance reduction effective from April, support for businesses through the continuation of the Recovery Loan Scheme was emphasised. Now rebranded as the “Growth Guarantee Scheme”, running from July 1st, 2024, to March 31st, 2026, it promises a 70% loan guarantee on amounts up to £2 Million. This initiative aims to benefit approximately 11,000 companies across the UK, particularly those situated outside London.

A significant alteration introduced in this year’s Budget is the extension of the “full expensing” tax break. Previously limited to certain qualifying expenses without minimum or maximum thresholds, this provision didn’t extend to leased assets. However, there has been a notable shift in this regard, with leased vans, trucks, and plant and equipment now eligible for the tax break. This adjustment is anticipated to provide a boost to companies predominantly reliant on leased equipment rather than outright purchases.

Previously, leased vehicles were exempt and, although cars still look unlikely to be included, this is a positive step forward. Draft legislation is currently being developed to formally incorporate the full expensing of leased equipment into the legal framework.

With the freeze on the basic rate band of income taxable at £37,700 until April 2028 and no changes to Corporation Tax, the increase in the VAT registration threshold from £85K to £90K aims to foster business expansion.

Additionally, the decision to maintain the freeze on fuel duty and Benefit in Kind rates for company vehicles until 2027/2028 has provided reassurance to company vehicle owners and car drivers. Underlined as the “Budget for Long Term Growth”, it is hoped that these measures will contribute to delivering on this objective.

Read the Spring Budget in full here

Filed Under: News

Merry Christmas from everyone at Ignition Credit!

13th December 2023 By startassetfinance


As this year draws to a close, we would like to say a very big thank you for your custom during 2023. We – like you – have felt the ups and downs of the economy over the last 12 months, but we are pleased to have been able to continue to support so many businesses throughout this time.

Christmas is a season for giving, and here at Ignition this is no exception. Some of you may know Steve Hunt, a director of Ignition who made a huge impact when he joined in 2005. With an impressive 30-year career dedicated to Asset Finance, Steve is a respected figure in the industry and community. Sadly, he has now retired, and is currently facing the challenges of a brain tumour.

In lieu of spending money on Christmas cards this year, we have instead donated £500 to the charity Brain Tumour Research in the hope that a cure can be found for this dreadful disease.

We would also like to give you the opportunity to contribute if you so wish, as many of you know Steve well. Simply click on the link here and leave a goodwill message for him too.

We would like to take this opportunity to wish you all a very Merry Christmas, and a Happy New Year.

The Team at Ignition

Our Office Opening Hours Over Christmas:

Friday 22nd December • 9am – 2pm

Monday 25th – Tuesday 26th December • CLOSED

Wednesday 27th – Friday 29th December • 10am – 4pm

Monday 1st January • CLOSED

Filed Under: News

Solar Powered Pasties

6th September 2023 By startassetfinance

Mark Norton, Managing Director of Cornish Premier Pasties with Ignition’s Eleanor Smith, Business Development Manager and solar specialist

Cornish Premier Pasties reduce CO2 emissions by over 50 tonnes a year, thanks to solar panel installation

Cornish Premier Pasties, one of Cornwall’s biggest pasty and savoury goods producers, has committed to reducing its carbon emissions by investing over £135,000 into solar power at its bakery in St Columb.

The project has been supported by Ignition, a leading UK asset finance provider based in Truro. Installed by Bristol based Solarsense, the investment includes 320 solar panels as part of a 131.2kw system, that will save over 50 tonnes of CO2 per year.

Commenting on the investment, Mark Norton, Managing Director of Cornish Premier Pasties said: “As a manufacturing business, we’re very aware of our energy consumption and carbon footprint, so for us, it was important we took steps to help protect our planet’s future. Installing our own green energy sources on the roof of our factory is one initiative that we’re undertaking to reduce our carbon footprint, in line with the business’ strategic plan. The system will provide at least 20% of the factory’s energy over the year, however on a sunny day last month, the solar panels were producing 98% of our power. Thanks to our solar panels, we can continue to commit to providing quality products to our customers, at the very best price, despite the crippling rise of energy costs.

It’s been a pleasure to work with Ignition and Solarsense – the project, which sits in line with our strategic plan to develop as a sustainable and forward-thinking food manufacturing firm, has showcased the best of southwest business partnerships and we’re incredibly thankful to those involved, for making it happen.”

Eleanor Smith, Business Development Manager and Ignition’s solar specialist, added: “I’ve known Mark professionally for more than a decade and have witnessed the exceptional growth and success of his two businesses. It has been great to work with him on this project, which is set to deliver considerable cost savings in the long-term, whilst helping to meet Cornish Premier Pasties’ aspirations to become more environmentally sustainable. By offering specialist financial packages for a range of renewable energy assets, Ignition can help companies fund sustainable solutions that are also beneficial to the bottom line.”

Cornish Premier Pasties was acquired by Mark Norton in 2020 and combined with its sister business, Prima Bakeries Ltd, the group is the fourth largest manufacturer of Cornish Pasties in the world. Employing over 60 people, the company has doubled sales in the last two years by welcoming new customers throughout the UK.

For further information please visit www.cornishpremierpasties.co.uk or get in touch with the team at Ignition here.

Filed Under: Case Studies, Catering & Hospitality Case Studies, News, Renewable Energy Case Studies

Colebrook Transporters Drives Forward with Ignition

7th August 2023 By startassetfinance

Colebrook Transporters Director, Sophie Wanless with Ross Hyde of Ignition

A Plymouth-based company specialising in campervan conversions and vehicle repairs, has installed and registered a new MOT station on site, with help from asset finance provider, Ignition.

Colebrook Transporters has been established, and thriving, as an expert in campervan conversions and repairs since 2013, and until now has partly outsourced MOT services by providing its own specialist mechanics but hiring a local MOT bay. It is anticipated that the upgraded garage facilities will boost revenue and productivity, and make more MOT appointments available for its growing customer base.

Truro-based Ignition provides financial support to SMEs via commercial loans for specific business purposes, or by financing a wide range of business assets including vehicles, machinery and equipment. It was able to assist Colebrook Transporters with the funding required for the site preparation, the installation of the new MOT station, and its equipment.

The new MOT bay is now fully operational and approved for vehicle classes 4 (standard cars and caravans), 5 (larger vans and minibuses) and 7 (heavier goods vehicles).

According to one of Colebrook Transporters’ three Directors, Jamie Parr, creating the new MOT station was a substantial undertaking which involved organising initial planning approvals, clearing and preparing the site, arranging the extraction of concrete and soil to accommodate the pit, and finally having the MOT bay and equipment fully installed. He comments:

“This has certainly been a significant project for us, but one we have been keen to progress with, due to the clear benefits the MOT station will bring to our business and to our customers.

“Ignition’s support throughout this process has been invaluable. Our contact, Ross, is always on hand and available for phone calls and site visits, and is swift and efficient at organising the paperwork. That personal touch is important to us, and it’s reassuring that he has a good understanding of our business and our requirements.”

Ross Hyde, Relationship Manager at Ignition comments:

“Our relationship with Jamie and the team at Colebrook began in 2017. Since then, we have assisted with a variety of purchases to accelerate the company’s growth.

“I’m particularly delighted to see this latest project go live as it’s a key milestone for Colebrook and will take their services to the next level. I am excited for the future and look forward to collaborating again soon!”

For further information please visit colebrooktransporters.co.uk or get in touch with the team at Ignition here.

Filed Under: Case Studies, News

Ignition Gives A30 Auto Service Centre a Racing Start

17th July 2023 By startassetfinance

Ross Hyde and Chris Oxley at the new A30 Auto Service Centre

Truro-based asset finance provider, Ignition, has helped give a brand-new, independent car service centre a racing start by arranging finance for a company vehicle and essential garage equipment worth £50,000.

The A30 Auto Service Centre opened its doors last week, catering for all MOT, servicing and light repair needs, and specialising in prestige brands such as Jaguar, Land Rover and VW. Centrally located in the Victoria Industrial Estate on the A30, the centre has excellent links to much of Cornwall including St Austell, Bodmin and Truro.

The new business is being launched by Chris Oxley, a well-established figure in Cornwall’s motor trade, with over 30 years’ experience in the industry running franchised dealerships across the county and beyond, including a Mercedes Benz franchise, and more recently a Jaguar Land Rover franchise in Truro.

The new venture comes at a time when car owners are increasingly buying second hand or holding on to their vehicles for longer, a trend fuelled by both the cost-of-living crisis, and uncertainty around the future of petrol and diesel cars versus electric vehicles. According to Chris, this is the perfect time to launch a new, independent venture, offering customers top quality service and expertise at a more competitive price, to help keep their cars in top condition for longer:

“I always dreamed of running my own business, and saw an opportunity to create a one-stop shop for customers’ long-term vehicle needs, offering a premier service at a fraction of the price of the larger franchises.

“I’m fortunate to have found the perfect location for the business, and to have a talented and experienced team of directors and mechanics joining me.”
As well as building a strong team of employees for the new business, Chris sought the expertise of local asset finance provider, Ignition, to ensure a strong financial start. He continues:

“I was advised that it would make financial sense to take out a business loan rather than investing my own savings into the business, as this would ease cash flow and provide more security. Ignition has an excellent reputation for supporting SMEs in Cornwall, so I gave them a call, and they didn’t disappoint. They arranged a competitive finance package quickly and efficiently, providing new equipment and a liveried company vehicle to get us off to the perfect start.”

Ross Hyde, Relationship Manager at Ignition, comments:

“It has been a pleasure to support Chris in the launch of his excellent new business. He and his team have a wealth of experience, and with such a strong customer-focussed ethos, it is sure to be a great success!”

Filed Under: Case Studies, News

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About Ignition Credit

Registered Office
Sterling House,
Green Court,
Truro Business Park,
Threemilestone,
Cornwall,
TR4 9LF

Phone
01872 272900
0330 010 4282

Email
Sales Enquiries: [email protected]

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Cornwall Chamber of Commerce

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Copyright © 2025 Ignition Credit. All Rights Reserved
E&OE Company Registration Number: 4315993 | VAT Registration Number: 864 5933 85
Registered Office: Sterling House, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF

IGNITION CREDIT PLC is Authorised and regulated by the Financial Conduct Authority FRN 679018
IGNITION CREDIT PLC IS AN AUTHORISED CREDIT BROKER AND LENDER I Ignition work with a panel of lenders

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