Midwich gives finance proposition new lease of life

Distributor launches 'Mi Finance' offering

Distributor Midwich has flagged up the growing popularity of asset finance as it launched a new financial services offering.

'Mi Finance' will offer Midwich's reseller customers three product options, namely finance lease, hire purchase and operating lease. A fourth product is in development.

According to figures from the Finance & Leasing Association cited by the distributor, total asset finance new business grew eight per cent in January 2023.

Midwich said the new offering, which draws on the expertise of its 2022 acquisition of Nimans, will expand on its previous leasing services which it launched in 2018.

The launch comes after Midwich broke the £1bn revenue barrier in its recent annual results.

Initially available to customers of Midwich Ltd, Nimans Ltd and Sound Technology Ltd, Mi Finance is set to be rolled out to the wider UK&I group of companies soon, Midwich said.

The offering is supported by partnerships with a large portfolio of funders, it told us.

"It's great to be able to offer Mi Finance to our customers and work with the experienced and knowledgeable team at Nimans," said Louise Nevard, director, credit at Midwich UK&I.

"They've got a proven track record of delivering results and to have them leading our Mi Finance proposition is fantastic."

Simon Munday, Mi Finance manager (pictured above, centre), added: "We are really excited to bring this proposition to market. We are constantly looking at ways to increase our service offering and Mi Finance is our answer."