Leasing becoming an option for cash-strapped firms

More customers are turning to leasing as a way to get access to funds in a bid to catch up on a few years of sluggish IT investment. Research carried out by Equanet has highlighted a three-year gap in technology investment, which is hampering efficiency and competitiveness. The problem is caused b


More customers are turning to leasing as a way to get access to funds in a bid to catch up on a few years of sluggish IT investment.

Research carried out by Equanet has highlighted a three-year gap in technology investment, which is hampering efficiency and competitiveness.

The problem is caused by a lack of funds making their way down to UK firms and of those that did turn to their banks for money less than half (42%) were successful.

As a result more are starting to look at other finance options with a large number of them considering leasing for the first time.

"Outdated technology is the noose tightening around UK business' neck. To maintain our influence on a global scale and compete against increasingly tech savvy companies overseas we will have to answer the question, why is new technology not reaching UK business?" asked Phil Birbeck, managing director of Equanet.

"We need to invest now to have any confidence in the future. Everyone knows budgets are tight but there are ways of coping, it just seems that companies don't know where to look. Options such as leasing solutions and schemes such as BYOC need to be nurtured otherwise the only certainty for UK business will be that, in 10 years time, we will have completely lost the ability to compete in the international market," he warned.

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