The UK manufacturing sector is squandering £14 million a year on poor IT-financing deals and is borrowing 12p in every £1 to finance IT purchases and leases, according to a new study.
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Poor IT financing costs UK manufacturing businesses more than £280,000 every working week, said online market place Smartfundit.com, which is advising firms to “cut out the middleman”.
If manufacturing businesses cut out the broker middleman and sourced IT finance through independent online market places, they could collectively increase their IT spending power by £13.9million a year: equivalent to more than 42,000 PCs, said the firm.
“Sourcing specialist IT finance can be a complex task, made all the more difficult by the lack of transparent advice and information. Unsurprisingly then, businesses are falling foul of hidden costs and are unlikely to get the best deal possible,” said Suki Gallagher, chief executive of Smartfundit.com .
“Our research underscores the financial imperative for looking at alternative ways of sourcing finance, such as letting finance providers bid for your businesses online. It is about time UK businesses took back control and turned IT financing into a borrowers’ market,” added Gallagher.
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