OCTOPUS FINANCE & LEASING LIMITED

Business Services

Funds Raised

£40,000.00

Final AER

14.77%

Loan term

24 MONTHS

Auction Closed

2015-03-03

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: OCTOPUS FINANCE & LEASING LIMITED Company Number: 07692351
Business Type: Business Services Years Trading: 4-5 years
Business Location: ORMSKIRK

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

All Assets Debenture - Fixed and floating charge created over all assets of applicant company

Est. Equity: 0.00

Personal Guarantee - PG from Lee Kemp

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Visit Our Website

Octopus Finance & Leasing bridges the gap between daily rental and long term contract hire by providing short term vehicle lease contracts between 6 – 18 months in length. We attracts good quality commercial customers, and have excellent relationships with our manufacturer suppliers. Our client base covers the whole of Mainland UK, and we currently have 130 customers on book. In addition, we purchase our own prestige vehicles to lease out on longer term 2 and 3 year fixed term deals – 100% equity in vehicles at end of contract – this is something we wish to expand.

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Loan Offers

What is the loan for?

Octopus Finance & Leasing currently rent the office and car park that we trade from, and have done for the last 2 years. The current landlord is retiring, and has kindly agreed to sell the property to us at the price he bought it for - £35,000. The true valuation of the property would be in excess of £70,000 in current condition – with some money spent on it, it would be (and will be) worth considerably more. There is zero risk in this purchase, it is always going to be an asset with equity in from day one. We can purchase from our own funds however will restrict our cash flow and we would prefer to ensure the business is strong enough to sustain any unforeseen costs and also continue to invest in our marketing campaign

Why consider investing?

Octopus Finance & Leasing has been established since 2011, and has made a profit since year 1, steadily growing in turnover and profitability. We have seen increasing numbers of applications and customers, with an excellent retention rate of current customers – in excess of 85% - which is a great indication of the satisfaction in service received. Our suppliers are supporting us to increase units, and there is no doubt that we will continue to see good results over the coming years.

Note on Accounts

The applicant does not account for HP interest in the management accounts until the end of the year so no charge for this cost is reflected in those accounts. The figure for the year ended July 2014 was £14 000

Security

The loan is to be secured by way of Directors guarantee and all Assets debenture

The Director currently does not have any tangible assets, however is in the process of purchasing a property

DateAmountCapitalInterestReceived
03/04/2015£1,935.10£1,442.76£492.34
03/05/2015£1,935.10£1,460.52£474.58
03/06/2015£1,935.10£1,478.50£456.60
03/07/2015£1,935.10£1,496.70£438.40
03/08/2015£1,935.10£1,515.12£419.98
03/09/2015£1,935.10£1,533.77£401.33
03/10/2015£1,935.10£1,552.65£382.45
03/11/2015£1,935.10£1,571.76£363.34
03/12/2015£1,935.10£1,591.10£344.00
03/01/2016£1,935.10£1,610.69£324.41
03/02/2016£1,935.10£1,630.51£304.59
03/03/2016£1,935.10£1,650.58£284.52
03/04/2016£1,935.10£1,670.90£264.21
03/05/2016£1,935.10£1,691.46£243.64
03/06/2016£1,935.10£1,712.28£222.82
03/07/2016£1,935.10£1,733.36£201.74
03/08/2016£1,935.10£1,754.69£180.41
03/09/2016£1,935.10£1,776.29£158.81
03/10/2016£1,935.10£1,798.15£136.95
03/11/2016£1,935.10£1,820.28£114.82
03/12/2016£1,935.10£1,842.69£92.41 (31 days late)
03/01/2017£1,935.10£1,865.37£69.73 (29 days late)
03/02/2017£1,935.10£1,888.33£46.77
03/03/2017£1,935.10£1,911.57£23.53899 days overdue
Total:£40,000.03£6,442.38