Stone gets £30m to back public sector financing

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Stone gets £30m to back public sector financing

Alex Scroxton

Public sector computing specialist Stone has negotiated a new three-year financing agreement with Rabobank subsidiary De Lage Landen

Worth £30m, the agreement will see Stone provide direct financing to its education and public sector customers, as opposed to going through a separate or in-house funded broker.

All of Stone's asset-based finance, which was worth over £5m last year, will now be handled through De Lage Landen.

Stone chief executive James Bird said the agreement would help Stone squeeze more costs out of its supply chain.

"Many manufacturers and OEMs offer leasing arrangements through some form of broker and they need to make margins too. This means that educational establishments are paying more for the privilege of getting access to the funds they need," said Bird.

The agreement covers all of Stone's own-label PC systems, as well as resold kit from Lenovo, Samsung and Toshiba

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