The owner of three golf courses explains why Hitachi Capital’s one-stop financing approach has been so beneficial during the pandemic.
There has never been a greater need for easy access to finance for the golf industry as it grapples with the fallout from the Covid-19 pandemic and looks forward to growth as conditions unfold. improve.
Hitachi Capital, a major player in the financial services industry, has recognized this and the golf industry can now benefit from its range of products which, combined, cover all eventualities.
Over the past few years, Hitachi has assisted a growing number of golf companies by providing asset finance, retail finance, membership finance and, more recently, helping to implement the program. Government Business Interruption Loans (CBILS).
Hitachi’s tailored, one-stop-shop approach, delivered by financial experts with in-depth knowledge of the golf industry, is a perfect model to help businesses weather the storm.
The individual components of Hitachi golf products are accessible on their own or as part of a complete package that provides seamless support in many areas of a business.
Hitachi currently provides asset financing to more than 300 golf clubs, golf professionals and driving range, funding assets such as green space maintenance machines for the ongoing maintenance of the golf course and swing studios that the pros can use when teaching in their respective practice areas.
Launched last year, Membership Finance is aimed at clubs looking to attract new members and retain existing ones. It is flexible – and unlike those of its competitors – there is no demand on clubs for member default. Immediate payment of dues also increases cash flow by providing clubs with full dues within five days of a successful membership application.
Retail Finance boosts sales of golf equipment in professional stores and stores by providing buyers with interest-free loans. Hitachi provides this service to more than 140 pro shops and retail stores nationwide.
Hitachi is a government CBILS accredited lender, providing financial support to small businesses in the UK who are losing income and having their cash flow disrupted, following the Covid-19 outbreak. Many golf companies are taking advantage of Hitachi’s expertise in the industry.
Among those who have seen the value of Hitachi’s wrap-around packages is Steve Pockneall (pictured), the owner of Evolution Golf.
With a number of diverse golf businesses, including courses, PGA golf shops, practice academies and driving ranges, Steve has researched a number of funding formulas to ensure the seamless and coordinated operation of his. operations.
A former golf professional with many years of experience in the industry, Steve is the owner of Ferndown Forest Golf Club, Salisbury Golf Center and Tickenham Golf Center in the South West. He also provides full PGA pro-shop services at Ferndown Golf Club and Royal Winchester Golf Club.
The golf affair asked him to describe the benefits he received from the financial services provided by Hitachi.
How has Hitachi Asset Finance benefited your business operations?
I have a very good working relationship with Hitachi, my first port of call for anything I want to rent or buy from a £ 10,000 coffee machine to mowers and other equipment to units TrackMan for cookers. They are brilliant to work with – very accessible, have great knowledge of the golf industry and work with companies with a high level of detail and similar experience.
The service I receive is absolutely first class. They speak my language and do not present themselves as salespeople or accountants.
Did Retail Finance for the Professional Store help sales?
We operate five retail stores and over the past three to four years, through the TGI program managed by Hitachi, we have been able to offer customers 0% financing on match priced products. The customer interface is great, via the internet, face-to-face or over the phone, and being able to offer great products at 0% means golfers don’t have to look elsewhere.
What attracted you to Hitachi Membership Finance?
I think we were the second or third club to use the membership fundraising program and it worked like a dream. I had considered a competitor before, but since they were looking to recoup member defaults, I didn’t bother. Hitachi absorbs these losses, which is worth its weight in gold. They take care of the management with the members from start to finish and the service is amazing. Our cash flow issues have been eliminated as they take all the responsibility and pay the full membership fee as soon as someone signs up. We have been using this system for two years and it has been a phenomenal success. It’s a great tool for securing new members.
How did Hitachi help you access the CBILS Support Loan?
I was delighted to find out that Hitachi was a government accredited lender of CBILS. When the first lockdown happened last March, we approached Hitachi for a government loan because we didn’t know what was to come to the industry or what our future held. Hitachi handled the demand and the loan provided us with an invaluable safety net. It just so happens that we have had our best summer ever and we expect 2021 to be even better due to ‘stays’ and the fact that golf is seen as a safe pursuit in terms of the virus. The current confinement is a concern but the securing of the loan has given us confidence.
To learn more about Hitachi’s golf finance options, call them today on 0333 9960 288 or inquire online at HitachiCapital.co.uk