WRAP Seeks New eQuip Lessors
WRAP is looking for new lessors to join its successful eQuip Residual Value Guarantee scheme, which in its four years of operation has benefited a number of tyre recyclers. There are currently ten finance providers signed up to the scheme and WRAP now wants to open the panel to new lessors as the recycling sector continues to grow.
Ian Wardle, Head of Business Support at WRAP, says: “eQuip has already made a significant contribution towards meeting UK recycling targets. To date, 328 assets have been guaranteed through eQuip, at a value in excess of £19 million. These assets have already diverted three million tonnes of waste from landfill and the demand for this type of activity is going to grow rapidly in the next few years. We need other lessors to join the existing panel so that we can help the recycling sector to keep pace with this demand.”
The eQuip scheme was launched in 2004 to stimulate investment in the recycling sector and is managed by Cranmer Lawrence & Company Ltd, the specialist asset management and remarketing company, on WRAP’s behalf. The scheme offers Residual Value Guarantees on plant and machinery to lessors able to provide operating leases to recycling related businesses. The purpose for which leases are made available is determined by WRAP, which will confirm the level of guarantee to the lessors. Negotiation and agreement of specific lease terms is left to individual applicants and lessors.
Lessor applicants should have a proven track record within the financial community, in particular in the provision of operating lease products. They should also have experience of leasing transactions to companies within the SME sector and to newly formed companies and businesses and be able to demonstrate a good understanding of the recycling sector through a track record of related investments. They should also hold membership of the Finance and Leasing Association (FLA) or be able to provide a statement that they will comply with the codes of conduct as sponsored by the FLA.
The extended panel will work with Cranmer Lawrence to further develop the eQuip scheme. Full details and an application form can be obtained from the WRAP website, www.wrap.org.uk, or by writing to Pam Golding, WRAP, The Old Academy, 21 Horse Fair, Banbury, Oxon, OX16 0AH. The closing date for applications is Monday 4th February 2008.