Northern Powerhouse boosts Yorkshire enterprise with five-figure funding
A five-figure loan is helping Eagle Platforms invest over £1m in new equipment over the next five years as the access platform specialist targets growth.
The funding is from NPIF - BEF and FFE Microfinance, part of the Northern Powerhouse Investment Fund. It will be provided by Finance For Enterprise, and will be used to purchase additional new lifting machines to support people working from height.
At the same time, Eagle Platform’s workforce is set to create five additional new jobs as a direct result of the new investment.
Responsible for providing mobile elevating work platforms ranging from articulated cranes and booms to cherry pickers and scissor lifts, demand for Eagle Platform’s equipment has soared.
Jim Haigh, managing director of Eagle Platforms, said: “Spring and summer is traditionally the busiest time of year for the construction industry.
“This meant we needed to have finance in place quickly to pay for the equipment deposits, to enable the machines to arrive in time to meet peak demand.
“I had worked with Finance For Enterprise previously and felt confident they understood our business model and the importance of receiving a lending decision quickly.
“Within five days, the loan had all been agreed, enabling us to concentrate on ordering the additional machinery, as well as securing new orders.”
In 2018, the company recorded 30 per cent growth. Securing finance quickly has been ‘vital’, with Jim meeting with Finance For Enterprise investment manager Alan Scott to discuss Eagle Platform’s growth plans.
Within 24 hours, Alan returned with an indicative decision, and in five days, the finance was in place, enabling Jim to order the much needed additional equipment.
Launched in 2011, within just two years Eagle Platforms had purchased 40 different forms of lifting machines. As a result of the loans provided NPIF - BEF and FFE Microfinance, the total number of machines held within the business will exceed 120.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Access free online guidance for North East businesses in the Growth Hub North East's COVID-19 toolkit →