A Bristol camera rental company has secured a new asset finance loan for Allica Bank.
The £243,000 loan has been brokered by media industry finance specialist Medialease and will help VMI TV to access and maintain new equipment to meet customer demand.
VMI is a family-run and multi-award-winning camera and filming equipment rental company based in London and Bristol. Founded in 1979, the business supplies production for the likes of the BBC, ITV, Sky, Universal Pictures and Netflix.
For VMI, having the latest camera and filming technology is "essential" to ensure it continues to meet the needs of its clients, and so each quarter the team meets to assess current equipment stocks. VMI identified the need to increase its stock of vintage lenses as well as a new cinema camera.
Read more:Penzance charity awarded £1.35m funding for three-part project
VMI managing director Barry Basset said: “We work with a few specialist brokers to help us fund these purchases. Without that sector knowledge, it can be very difficult to find a lender to work with.
“Our relationship with Medialease is incredibly important to us. We have an open dialogue with them to highlight early-on when we might need support, meaning they’re always ready with solutions when that need arises. Their collaborative approach and belief in a shared, long-term interest has been key in getting that right. And this is exactly what happened this time around with Allica Bank.”
Jacqui Sanguinetti, specialist business development manager for media, broadcast, live events and AV at Medialease, said: “The urgency of the funding for the equipment made speed tantamount to this deal. This is why we chose Allica Bank, who have always provided us with an efficient service from underwriting through to payout and have been keen to develop a good knowledge of the equipment in our sector. Our BDM was always on hand to answer any questions and deal with any issues that arose.”
Arshad Miah, Allica Bank’s senior business development manager, added: “We’re really excited to be supporting such a fantastic British business as they continue to grow. VMI’s journey is a classic story of innovation and resilience, which Allica Bank will be proud to be a small part of.”
Mr Miah said that it’s partly thanks to the Government’s Recovery Loan Scheme (RLS) that Allica was able to lend against these sorts of assets; RLS offers a 70% recovery guarantee to the lender, helping them to share the risk. He also praised the team at Medialease: “Medialease, whose collaboration and service were second to none, showed just how valuable real expertise is when it comes to this sector,” he concluded.
Why not sign up to get the latest South West business news straight to your inbox.
