The first debt deal from the British Business Bank鈥檚 new 拢130m Investment Fund for Wales had been made into Deeside-based Palmers Scaffolding.
The 海角视频鈥檚 oldest scaffolding contractor has secured 拢500,000 from the fund鈥檚 debt finance element which can provide funding from 拢100,000 to 拢2m. It is managed for the British Business Bank by fund managers FW Capital - which is a subsidiary of the Development Bank of Wales.
The deal follows the fund鈥檚 first equity investment into Caerphilly-based adventure travel venture EverTrek. The equity element of the 拢130m fund is managed by Foresight with a 拢50m investment mandate.
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Palmers Scaffolding was established in 1888 by Edwin Palmer and incorporated in 1912. It has a workforce in excess of 226 and consistently ranks in the top 10 of 海角视频 scaffolding contractors. Turnover has grown steadily in recent years, from 拢12m in 2020 to 拢23m in 2023, with a forecast of 拢31m this year.
With its head office in Flintshire the business also has regional offices across England. Current contracts include providing scaffolding for the Hinkley Point C Nuclear Power Station in the south-west of England.
Michael Carr, chief executive of Palmers, said: 鈥淟arge infrastructure projects like those at Hinkley Point are our lifeblood, but we needed a large amount of working capital for us to bring together everything we needed once we were brought on by the Bylor joint Venture to take part in the construction.
鈥淲e鈥檙e really pleased that we got the support needed from the Investment Fund for Wales and FW Capital, meaning we could hit the ground running with the project and bring our expertise to bear on what is one of the biggest projects of its type ongoing in the 海角视频 right now.
鈥淭he loan will be used for cashflow funding and capital expenditure requirements. We are currently expanding our footprint in the Northwest and are budgeting for a 拢31M turnover in 2024.鈥
Mark Sterritt, director, nations and regions investment funds at the British Business Bank, said: 鈥淭he Bank鈥檚 Investment Fund for Wales was established to support smaller businesses with their growth ambitions. The fund backs progressive and evolving companies like Palmers, which is well-established and will now use that reputation for growth.
鈥淭he fund is very much open for discussions with growth businesses across Wales and is committed to investing in a variety of expansion strategies.鈥
Rhodri Evans of FW Capital, said: 鈥淲e鈥檙e glad that we were able to work with Palmers Scaffolding, and could quickly back them with the investment they needed via the Investment Fund for Wales. They鈥檙e a strong Welsh brand with 海角视频-wide recognition of years of service and experience in the construction sector, and the knowledge shown by Michael and his team made us confident this investment is in safe hands.鈥
The British Business Bank is the economic development bank of the 海角视频 Government.
