North West super car manufacturer selects funding partner
One of the UK’s most innovative supercar makers – Briggs Automotive Company (BAC) – has confirmed Close Brothers Asset Finance as its long-term finance partner
Founded in 2009 by brothers Ian and Neill Briggs, Liverpool-based BAC is best known for developing the world’s first and only single-seater, road-legal supercar, the BAC Mono.
The car has been showcased on BBC’s Top Gear and in 2018 won the Supercar Shoot Out at the Goodwood Festival of Speed, setting the fastest supercar time ever clocked in the process.
The first deal between Close Brothers Asset Finance and BAC involved the release of funds against an existing asset – the first BAC Mono ever produced – which allowed BAC to complete the fit out of a new building without affecting cash flow.
This allowed the supercar manufacturer to continue to do what they do best, which is develop and manufacture ultra-high-performance vehicles.
Co-founder and director of product development, Neill Briggs, said: “We are incredibly proud of what we have achieved in a relatively short time.
“BAC understands the value of relationships, which is why we chose Close Brothers Asset Finance as a key funding partner. They share our commitment to long-term partnerships and I’m really pleased to have them along for the journey.”
Steve Gee, chief executive of Close Brothers Asset Finance’s industrial equipment division, said: “BAC produces remarkable supercars that are right on the cutting edge of technology.
“They truly are a British manufacturing success story we can all be proud of and we are naturally delighted that BAC has taken the decision to partner with us.
“The nature of their business means that they know each of their customers individually and by name, which reflects our own business model, where long-term relationships really matter.”
Matthew Sproston, area sales manager for Close Brothers Asset Finance, added: “BAC continually invests and collaborates to develop new and improved components, materials and technology to remain at the cutting edge of automotive manufacturing, so it was crucial they had a finance solution to suit their needs.
“By working together, we were able to develop a tailor-made agreement that released enough capital to cover the new building costs.”