Broker boss appointed at Hitachi Capital as the lender sets up finance relief scheme for flooded farmers

Hitachi Capital Business Finance (HCBF) has appointed Andy Taylor as Head of Broker Sales, responsible for the entire sales channel of commercial and farm brokers.

Taylor will head up a seven-strong team and will hold a position on the HCBF Senior Management Team, reporting to Robert Gordon, COO Hitachi Capital (UK) PLC.

Taylor comes with a wealth of experience in the broker market, joining Hitachi Capital in February 2013 as sales manager for the Commercial Broker team. He started his career in the asset finance industry at NWS Bank before joining GE Capital and then ING Lease UK in 2000.

Gordon said: “I’m delighted to welcome Andy to the senior management team of HCBF.  The insight and experience he has gained during the past 20 years within the asset finance industry will help to shape our business for the future. During Andy’s time with Hitachi Capital so far, he has been instrumental in driving key enhancements to our processes and systems in order to deliver a market leading service to customers.

“His appointment further bolsters our strategy to provide a clear alignment to our routes to market within our sales team. Working alongside Shaun Carroll as head of block discounting and Mark Richards as head of vendor, this new role gives HCBF three dedicated and experienced heads of sales. Andy is well known and respected within the broker community and I’m sure that news of this appointment will be well received.”

Farming flood relief

The appointment comes as news arrives that an emergency fund has been set up at 0% interest by HCBF to support flood stricken farmers in meeting unforeseen costs.

Further short term solutions have also been made available to help with existing financial commitments, manage cash flow, and allow them to retain a clean credit history.

Hitachi has allocated £4 million of short term funding at 0% interest to assist farmers who need to replace or invest in equipment that may be required as a result of the flooding.

Gavin Wraith-Carter, Hitachi Capital Head of Risk, explained that in the short term Hitachi Capital can provide immediate financial assistance where cash flow issues have arisen, including three month repayment holidays where required. In these situations all normal fees will be waived.

“Hitachi Capital has a long standing involvement in the agricultural industry. The feedback from our approved brokers and vendors is that farmers are going to need financial support through this tough and challenging time.

“We are very aware that cash flow is king for many farmers, and we want to offer help and support to the industry in funding unforeseen capital expenditure needs. The full cost of the interest during this period will be covered Hitachi Capital,” he said.

Michael Alsop, Vaderstad managing director – one of Hitachi’s key vendors – believes this type of support will be welcomed by the industry in overcoming cash flow concerns.
“With 80% of all farm machinery bought on some form of finance, the burden of extra costs in dealing with the crisis situation, and tackling the necessary remedial work to fields once the flood water subsides will inevitably create financial strain. It may take a full growing season for some farmers to recover from this,” he added.

The flooding is causing many diverse and negative issues according to Robert Joy of HBV Capital, an independent broker and farmer based in mid Devon, who has worked with Hitachi for a number of years.

“I am seeing farmers who are – understandably – becoming increasingly negative as their confidence and attitudes are badly affected. I have clients on the Somerset levels and in the West Country who are under extreme stress from the pressure the floods are putting on their businesses.

“Farmers are very adaptable and resilient, but these are very challenging times.”

Joy added that in the current financial world, it is vital for a customer’s credit file to be clean, in order to obtain future funding.

”Hitachi’s offer of short term support will bring some financial respite for farmers and allow them to manage their cash flow. Hitachi has listened to our concerns and taken them on board; it will be a real boost to some farmers at a time when they need all the help they can get.”