Sheffield equipment firm invests more than £1m on new jobs and fleet
A Sheffield equipment hire firm has announced that it is investing more than £1m in expanding its team and its fleet.
Eagle Platforms received a £200k loan from NPIF - Mercia Debt Finance, which will allow it to acquire a further £1.1m of plant.
The company, which provides powered access equipment such as cherry pickers and scissor lifts to construction and other sites throughout the North, has more than doubled turnover in the past two years to £2.5m. It aims to increase that to £3.5m in the current year.
The company, which has a fleet of 300 items with six delivery lorries, currently employs 26 staff and expects to create four new jobs in the year ahead.
Jim Haigh, founder, commented: “Eagle Platforms has been growing rapidly in the past few years, which we believe is due in part to the personal and knowledgeable service we offer.
“The funding will allow us to acquire more plant to ensure that we are always able to meet customer demand and offer prompt delivery, and to take our business to the next level.”
Pete Sorsby, investment manager with Mercia, added: “Eagle Platforms is a service-driven business with a strong client focus and an excellent reputation in the industry.
“The company has achieved sustained growth over a number of years. The loan will allow it to meet demand following a number of contract wins, and improve profitability and turnover.”
Chris Mangle of custom business finance provided fundraising advice to Eagle Platforms, and added: “Business growth creates the need for additional working capital.
“In the case of Eagle Capital, we were able to restructure existing finance agreements and reduce their monthly repayments, then secure additional funds from NPIF to allow them to expand the fleet to support their growth plans.”
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