Asset finance loan from Allica Bank is picture perfect for VMI TV
A new £243,000 asset finance loan from Allica Bank, brokered by media industry finance specialist Medialease, is helping award-winning camera rental company VMI TV to access and maintain the very latest high-end equipment to meet evolving customer demand.
VMI is a family-run and multi-award-winning camera and filming equipment rental company based in London and Bristol. Founded in 1979, the business supplies high-end production for the likes of the BBC, ITV, Sky, Universal Pictures and Netflix. VMI has also been recognised for its sustainable practices and ethos and in 2021 was named a ‘Hero of Net Zero’ by the UK Government. It has been officially Albert-approved carbon-neutral since 2022.
For VMI, having the latest camera and filming technology is essential to ensure it continues to meet the needs of its clients, and so each quarter the team meets to assess current equipment stocks. The team identified the need to increase its stock of vintage lenses as well as a new cinema camera. With lenses alone costing up to £50,000, the business typically uses asset finance to fund new purchases.
VMI reached out to their trusted broker partner, Medialease, who in turn connected the business with Allica Bank: “We work with a few specialist brokers to help us fund these purchases. Without that sector knowledge, it can be very difficult to find a lender to work with,” says Barry Bassett VMI managing director.
“Our relationship with Medialease is incredibly important to us. We have an open dialogue with them to highlight early-on when we might need support, meaning they’re always ready with solutions when that need arises. Their collaborative approach and belief in a shared, long-term interest has been key in getting that right. And this is exactly what happened this time around with Allica Bank.”
Jacqui Sanguinetti, specialist business development manager for media, broadcast, live events & AV at Medialease, said: “The urgency of the funding for the equipment made speed tantamount to this deal. This is why we chose Allica Bank, who have always provided us with an efficient service from underwriting through to payout and have been keen to develop a good knowledge of the equipment in our sector. Our BDM was always on hand to answer any questions and deal with any issues that arose.”
Arshad Miah, Allica Bank’s senior business development manager, added: “We’re really excited to be supporting such a fantastic British business as they continue to grow. VMI’s journey is a classic story of innovation and resilience, which Allica Bank will be proud to be a small part of.”
Arshad says that it’s partly thanks to the government’s Recovery Loan Scheme (RLS) that Allica was able to lend against these sorts of assets; RLS offers a 70% recovery guarantee to the lender, helping them to share the risk. He also praised the team at Medialease: “Medialease, whose collaboration and service were second to none, showed just how valuable real expertise is when it comes to this sector,” he concluded.