VMI. TV Ltd

Introduction

Founded in 1979, VMI are a high-end camera and filming equipment rental company based in London and Bristol. They needed to buy a range of ultra-high-definition camera lenses and equipment to meet evolving customer demand.

By working closely with their expert broker, Medialease, they were introduced to Allica Bank. And we were more than happy to help.

Who are the VMI. TV Ltd?

VMI. TV Ltd is an award-winning camera rental company supplying high-end equipment for the production of features, dramas, commercials and documentaries. It was founded in 1979 by Jeff Bassett and is now run by his son, Barry. Based in London and Bristol, its clients include the BBC, ITV, Sky, Amazon, Universal Pictures and Netflix.

The business has been through a significant transformation since being on the verge of collapse in 2007 from a freak uninsured loss. VMI is now a blossoming business that, alongside camera rental, can also fully supply crew and equipment for single and multi-camera productions. In the last few years alone, it has been involved in the production of more than 100 drama series, documentary series and feature films.

The story

VMI’s transformation since 2007 has seen it become one of the most successful high-end camera rental companies in the UK for major TV, feature film, music video and commercial productions.

“The secret for us has always been about innovating to make sure we’re providing the best customer experience and product range,” Barry said. “We knew we’d never have the most money or resources, so we had to find other ways to compete.”

“For us that boils down to three things. The first is empowering our customers to get the most out of their production. We want to make sure that when they’re filming that big money shot, they can achieve the most possible for their budget.”

The second key differentiator for Barry is about being the best employer. “We want staff who genuinely care about our clients, with the highest levels of expertise, and to feel like they can be themselves at work.” Barry is proud that in 2021 VMI was certified as a ‘Great Place to Work’ and in 2022 VMI was number 62 on the list of UK’s Best Workplaces.

“Lastly, we want VMI to be the most sustainable and carbon-friendly option out there. And this isn’t just window-dressing, we’re serious about re-engineering everything we do to reduce our carbon emissions.”

In 2021, VMI was named a ‘Hero of Net Zero’ by the UK Government and has been officially Albert-approved carbon-neutral since 2022. “We have invested £100,000 in projects to make the company sustainable and halved our carbon emissions over the past three years in the process,” explained Barry. “In fact, since May this year, our 55KW of solar panels has enabled VMI has become a net power exporter!”

Their approach is clearly working. For eight years in a row, VMI has achieved a customer service rating of 4.75 out of 5 in its annual customer satisfaction survey. While 95% of their customers say they would recommend VMI to others.

How Allica Bank helped

Each quarter, Barry and his team meet to assess whether their equipment stock is suitable to meet the changing needs of their clients. “Having the latest equipment is an absolute necessity for VMI and our clients. We need to enable them to shoot using the latest techniques to get the best results. Without it, they’d choose someone else.”

The business elected to increase their stock of vintage lenses, resulting in the purchase of a set of Blackwing T-Tuned primes, as well as a RED V-Raptor VV cinema camera and accessories to meet customer demand. This top-of-the-range camera equipment can be incredibly expensive, so it is usually bought using asset finance.

“Lenses alone can sometimes cost up to £50,000. We need to work with people that understand why you might need such a piece of equipment and its lifetime value to us. Our industry is quite unique in that respect.”

VMI reached out to their broker, Medialease, who connected them 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.

“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.”

What’s next for VMI. TV Ltd?

Looking ahead, Barry explained that VMI’s focus will be to continue to push the boundaries of customer experience, company culture, and creating a greener business.

“We want to be a pioneer among our competitors when it comes to sustainability. We’ve started to share this knowledge with the rest of the industry, to raise standards across the board. Our customers love it. Our employees love it. And it’s, of course, doing a whole lot of good for the environment, too!”