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Other finance solutions
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Other finance solutions
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ARE YOU a SilverChef customer who is selling or has sold their hospitality business? Or someone who is buying or has bought a hospitality business from a SilverChef customer?
If so, you have a number of options regarding the commercial kitchen equipment the business is renting or leasing from SilverChef.
I’m a SilverChef customer who is selling, or has sold, my business
I’m buying, or have bought, a business from a SilverChef customer
If you’re a SilverChef customer who is selling, or has sold, their business, you can choose one or more of three options, namely:
You can ask us to transfer, or assign, the rental or lease agreement to the buyer/new
owner (with their consent). Your agreement with us will end once the agreement with the buyer/new owner takes effect.
You can purchase the rental or lease equipment (you can buy rental equipment at any time; lease equipment paid out early attracts a $300 early-termination fee).
If your 12-month Rent–Try–Buy or Loyalty agreement has expired, you can return the equipment to us. Lease-to-Keep and Easy Own equipment cannot be returned.
If the buyer/new owner of the business wants to take over the agreement covering the equipment you’re renting or leasing from us and you’re happy with that, please call us on 1800 337 153.
We’ll ask you a few simple questions about the buyer/new owner and the equipment they want take over.
Because the buyer/new owner is taking over the rental or lease agreement we have with you, they’ll need to apply for funding so we can assess their creditworthiness.
For the agreement to be transferred to the buyer/new owner, their funding application must be approved.
Given our approval rate is over 96%, there’s a good chance they’ll get the green light. However, in the unlikely event their application is declined, you’ll remain liable for the rental or lease payments (assuming you don’t buy the equipment or return it to us).
If the buyer/new owner wants to take over the equipment you’ve been renting or leasing from us, please call us on 1800 337 153.
We’ll ask you to confirm which of your equipment is being transferred to the buyer/new owner and ask you for authorization to discuss the equipment with them.
We’ll then contact the buyer/new owner to discuss the equipment, explain how our finance products work, the funding-application process, and answer any questions they have.
Yes — you can purchase or return some of the equipment and transfer the rest to the buyer/new owner (with their consent).
Please note that you can return only rental equipment (not lease equipment) and only if your 12-month Rent–Try–Buy or Loyalty agreement has expired.
You’ll need to give us four weeks’ notice of your intention to return the equipment.
You’ll also be required to cover the cost of transporting the equipment back to us and for us to clean and service the equipment so that it can be certified and remarketed.
If your business is insolvent — unable to pay its debts when they’re due — and is being liquidated or is under voluntary administration or receivership, please contact us to discuss your options.
The amount of time it takes to transfer an equipment rental or lease agreement is largely dependent on how quickly the buyer/new owner of the business is able to:
You can either transfer the security bond to the new owner (perhaps as part of the sale of the business) or have it refunded to you— minus any amounts still owing, e.g. a missed rental payment.
If you opt for a refund, you’ll receive it within 2–4 weeks.
Yes — if you change the structure of your business, for example from a sole trader or partnership to a company or trust, we require you to transfer the rental or lease agreement you have with us to the new entity.
That means you’ll need to apply for funding, get approved, sign the new agreement, and pay the upfront costs (if it’s a Rent–Try–Buy agreement, you’ll need to pay the first week’s rent in advance, however you can transfer your security bond from the old agreement to the new one).
For more information, please contact us.
If you’re buying, or have bought, a business from a SilverChef customer, you can, with their consent:
You can take over the agreement covering the commercial kitchen equipment the customer is renting or leasing from us (see more details below).
You can purchase the equipment from us for an agreed price.
If neither you nor the seller/previous owner wants the equipment, you can ask the seller/previous owner to return the equipment to us at their own cost (as per the terms of our agreement with them). Â
If you’d like to take over the agreement covering the equipment the seller/previous owner is renting or leasing from SilverChef and they’re happy with that, please follow these steps:
Call us on 1800 337 153 to request an agreement transfer, or assignment. We’ll ask a few simple questions about you, the SilverChef customer, and the equipment you’d like to take over.
Because you’ll be taking over a funding agreement, you’ll need to apply for funding so we can assess your creditworthiness. You can get approved for up to $65,000 in under 5 minutes; you’re not obliged to use the approved funding.
Upon approval of your application, we’ll ask you to electronically sign and return a new rental or lease agreement (e.g. Rent–Try–Buy) and pay the relevant upfront costs.
You’ll start paying your weekly rental payments or monthly lease payments. (Our agreement with the seller/previous owner will end.)
^ If the agreement is being transferred to you, only the remainder of the finance term applies. For example, if the 12-month Rent–Try–Buy agreement is 8 months’ old, 4 months remain (you can continue renting when the agreement expires, if you wish). If a 36-month Lease-to-Keep agreement is 18 months’ old, 18 months remain.
Before you can take over the equipment rental or lease agreement we had with the seller/previous owner of the business, we need you to apply for funding so we can assess your creditworthiness.
This assessment will help us understand your reputation for paying on time and your capacity to continue to do so.
Though you’ll be applying for funding, there’s no obligation for you to use that funding if your application is approved.
The application is less about you securing funding, and more about us determining your suitability to take over the equipment rental or lease agreement.
Yes —  if you’re a start-up or have no trading history, you can take over a SilverChef equipment rental or lease agreement, subject to you meeting our standard credit-assessment criteria.
SilverChef owns the equipment and rents or leases it to you.
As the owner of the equipment, we’ll record an interest in the equipment on the Personal Property Security Register (PPSR).
You can use the equipment as you see fit, provided it’s used only for business (not personal/domestic) purposes; and you don’t sell, give, assign, lend or release the equipment to a third party to use without our approval.
Also, if you move the equipment from the location you originally gave us, you must tell us immediately.
If you’re renting the equipment, you can buy it (own it) at any time. If you’re leasing the equipment, you’ll own it when you make your final lease payment.
The amount of time it takes to transfer the equipment rental or lease agreement to you is largely dependent on how quickly you’re able to:
Yes — if a Rent–Try–Buy agreement is transferred to you, you can use the rental equipment for the remainder of the agreement and are entitled to all the same benefits the seller/previous owner enjoyed.
For example, you can exercise all the agreement’s mid- and end-of-term options, including upgrading or buying the equipment at any time or, after 12 months, returning it or continuing to rent it.
If you buy the equipment, you’ll get back 75% of the net rental payments you and the original renter made in the first 52 weeks and 25% of any net rental payments you and the original renter made in week 53 onwards — to put towards the equipment’s purchase price.
For more information about benefits, visit our Rent–Try–Buy web page.
If you take over a rental agreement, you’ll need to pay one week’s rent in advance plus a refundable security bond (equivalent to six weeks’ rent).
If you take over a lease agreement, you’ll be required to pay one month’s lease payment in advance.