Close Brothers Aviation stays committed to UK
Close Brothers Aviation managed to escape the economic downturn largely unscathed and continues to finance piston aircraft, turboprops, small jets and helicopters.
There are two reasons that Close Brothers is not one of the UK’s best known banks: first, it is a specialist lender that provides finance to small to medium-sized businesses and individuals across a diverse range of asset classes; but the main reason is that, unlike many of its competitors, Close Brothers did not have any serious financial problems during the downturn. This financial strength meant the bank was able to continue lending throughout the credit crunch at a time when many of its competitors were closed to new business.
The same is true for Close Brothers Aviation, the bank’s dedicated aircraft finance division. “We have stayed in the market financing aircraft throughout the credit crunch,” says Richard Kearsey, managing director. “We have continued to lend throughout the last five years and have been there for our customers. This is not just the aviation strategy but typical of Close Brothers.”
“Over the last five years we have continued to share with our customers our in depth knowledge and expertise in this sector and support this with flexible finance solutions,” says Kearsey.
Although Close Brothers Aviation has financed aircraft registered in a range of European countries, its main focus is the UK market (which includes the Isle of Man, Guernsey and Jersey). “In the aviation market the adage that a little knowledge is a dangerous thing holds true. We are happy with the UK because we really understand it.”
Close Brothers Aviation finances piston and turboprop aircraft right up to smaller jets. It also finances smaller helicopters. Close Brothers Aviation generally lends £100,000 and above.
“In the last couple of months we have seen some indications of green shoots,” says Kearsey. “We have had a lot more interest in new deals and we could be seeing the early signs of a potential recovery.”