October 22, 2015 in News
10th Sep 2015 National
Turnover has risen by a fifth to more than £1.9m at generator hire and maintenance business Power-Rite following a seven-figure investment in new machinery supported by the Royal Bank of Scotland and Lombard.
Power-Rite (UK) has revealed that turnover rose by almost 20 per cent from £1.6m to more than £1.9m over the last 12 months.
During the period, it has spent more than £1m on new machinery and equipment including most recently £250,000 on acquiring 12 new generators and 20 anti-vandal Powerboxes to meet increased demand for its services.
This activity has been supported by backing from the Royal Bank of Scotland and its asset finance arm Lombard as well as the company’s own funding.
A further £1.5m investment in new equipment is expected in 2015/16.
Brian Davey and Shaun Hymes, directors of Power-Rite (UK), said: “The business has been performing brilliantly during the last 12 months and I am really pleased with the growth results we have achieved. We have secured some large new contracts and have employed a new sales team, both of which are factors that have helped to drive this expansion.
“The support we have received from RBS and Lombard has been excellent. We are predicting sales to continue to rise during the next 12 months and beyond and are looking forward to continuing to work with the teams as we acquire more equipment.”
Tom Parry, relationship manager at the Royal Bank of Scotland, added: “Power-Rite has achieved excellent growth results in recent times and the business is moving from strength to strength. I am pleased that we have been able to support the company with its expansion and have been able to work with our colleagues at Lombard to provide the equipment it needs to fulfil its increased orders.”
Sara Mosley, relationship manager at Lombard, said: “It’s great that we have been able to supply the business with funding for the new equipment. Power-Rite has achieved significant level of growth and we are looking forward to continuing to support the business as it makes further investments into its assets.”
Power-Rite (UK) has offices at Warrington in Cheshire and Snaith in Yorkshire.