Funding hoists crane hire firm's ambitions higher

A crane hire firm is aiming for new heights after a funding boost.

Mechplant (North East) has been backed by NPIF II - NEL Debt Finance.

Bosses say the “significant” support will allow the company to bolster its fleet and “better meet increasing demand from the construction and civil engineering sectors”.

Based at Port of Tyne, in South Shields, Mechplant operates across Tyneside, Wearside, Durham and Teesside, with its portfolio including mobile cranes, goods hoists and lorry-mounted cranes.

Stephen Makinson, director, said: “This investment marks an exciting milestone as we continue to grow and strengthen our presence across the North East. 

“The support from NEL has been invaluable, and their team really understood our vision and ambitions from day one.”

NPIF II - NEL Debt Finance is managed by NEL Fund Managers as part of the £660 million Northern Powerhouse Investment Fund II, which is overseen by British Business Bank.

Jane Siddle, NEL Fund Managers’ senior investment executive, said: “It was a pleasure working with the directors at Mechplant during the investment process.

“They have a long-established track record, excellent reputation and communicated very clearly their plans for growth.”

Sarah Newbould, British Business Bank senior investment manager, added: “It’s great to see a business with such a strong heritage continuing to evolve.

“We’re pleased to see NPIF II playing a role in Mechplant’s next chapter and creating new opportunities across the North East.”

The investment was supported by legal advice from Max Gilchrist, corporate associate solicitor at Mincoffs Solicitors. 

Corporate finance advice was provided by Chris Hird and Lee Jefferson, director and corporate finance manager, respectively, at Newcastle-based S&W.

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