Lift It Crane Hire, a supplier of cranes and specialist transport vehicles, has obtained a £250,000 invoice finance facility from Secure Trust Bank Commercial Finance.
Formed in 2009, the firm currently employs 23 staff, and works with a range of plc companies and general builders across the UK. Based in Plymouth, its fleet currently comprises ten cranes, between eight and 130 tonne capacity, and a range of specialist machinery moving equipment. It provides full UK coverage for the transportation of items including industrial plant equipment, boats, military vehicles and aircraft.
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The funding will be used to assist cash flow, whilst allowing the firm to develop its 24-hour service offering by maximising the use of its current fleet.
Secure Trust Bank set up its Commercial Finance arm in September 2014, as the bank made a push into SME lending. In the first half of this year, it witnessed lending surge 214 per cent, and processed over £100m of client invoices.
Graham Witts-Davies, managing director at Lift It Crane Hire, said: "We supply our vehicles to an increasingly diverse range of sectors, including energy, construction and shipping. It is therefore vital that in order to provide a flexible and efficient service, we are able to deploy our fleet in a way that maximises its usage. The funding has provided us with the capital required to place our vehicles more effectively."
Craig Stritch, regional sales director at Secure Trust Bank, said: "At a time when construction activity is reaching pre-recession levels, demand for cranes and other specialty vehicles is rising. This means that the 24-hour service offered by Lift It is set to become increasingly valuable. The funding will allow the firm to navigate the challenges posed by this expanding market, effectively managing its fleet to provide as great a range and quantity of services as possible."
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