Hitachi Capital Business Finance has signed a stock financing deal with Väderstad, a supplier of soil cultivation and seed drilling equipment.
The agreement creates a three-year exclusive contract for Hitachi Capital Business Finance to provide stock finance through Väderstad’s network of 30 dealers in the UK and Ireland, based in 75 locations.
Hitachi Capital Business Finance and Väderstad already have a long-standing retail finance relationship, which has been in place for over 10 years. The business claimed the stock finance deal was won against strong competition from Vänderstad’s existing provider.
Michael Alsop, managing director at Väderstad said: “Moving our Dealer Stocking facility to HCBF will bring strategic and administrative benefits, as well as opening up the potential for us to be more creative and pro-active with that side of the business.”
Gavin Wraith-Carter, managing director at Hitachi Capital Business Finance, said the agreement advanced the business’s plans to becoming a “full service funder.”
Wraith-Carter said: “We’re delighted when some of our best relationships with vendors flourish, as is the case with Väderstad. It cements our ambition to become a full service funder for businesses in both the agricultural and manufacturing sectors.”