News
20 October 2016
GTAccess has confirmed our on-going expansion by opening a sixth site in Bridgend and investing in new machinery, with the support of a £1.13million financial package from Lloyds Bank Commercial Banking.
GTAccess, which currently has depots in Bromsgrove, Hereford, Gloucester, Shrewsbury and Stoke on Trent is the UK’s leading independent access provider, hiring out access equipment to customers in the construction, manufacturing and automotive sectors.
The business was looking to expand its network into South Wales and secured a £1.13million working capital facility from Lloyds Bank’s Commercial Finance team. Our sixth site, set to open at the start of November is a 1 acre site on the Litchard Industrial Estate in Bridgend and will house new equipment that was purchased using the bank’s funding. This includes a full range of scissor lifts, boom lifts, trailer mounts as well as the more specialized tracked machines, covering from as low as 5.8m working heights through to 40.15m machines.
As a result of the expansion, the business’ annual turnover is set to increase from £10m to around £12m in 2017, withover 10 new jobs being created in roles such as a branch manager, regional sales representative, hire controller as well as drivers and engineers, adding to thea lready 90 strong existing workforce.
Jonathan Till, Managing Director at GTAccess, said: “Extending our geographical reach throughout the UK is a priority as we look to grow the business order book. Now we have a base set to open in Bridgend, and over 1,500 access machines to offer to our clients, we have the capacity to work with our customers far and wide.”
Beyond their own depots, as a founder member of the Access Alliance, GTAccess are also able to provide equipment to their customers on a national basis, effectively becoming a one-stop shop for powered access platforms.
“The funding from Lloyds Bank has allowed us to take these steps without impacting the daily cash flow of the business. We look forward to working with the bank as we continue to grow.”
Ross Veale, relationship director at Lloyds Bank Commercial Banking, said: “GTAccess has clients operating across the country on infrastructure and development projects. Expanding its footprint means it will be able to reach existing customers quickly, whilst targeting new ones, too.
“The funding package provides the firm with support that doesn’t affect daily working capital, leaving it to focus on the steps it needs to take to achieve its goals. We have pledged to increase our lending to SMEs on a net basis by more than £1billion this year, to help more businesses fulfil their potential.”