April 12, 2024
Finance

Investment Fund for Wales announces first debt finance deal with Deeside based Palmers, the UK’s oldest scaffolding firm


Deeside.com > News

Posted: Tue 20th Feb 2024

News and Info from Deeside, Flintshire, North Wales

In a landmark move, the British Business Bank has announced the first debt finance deal from the £130 million Investment Fund for Wales, with a significant investment of £500,000 into Deeside-based Palmers, the UK’s oldest scaffolding company.

The Investment Fund for Wales was established to enhance the availability of early-stage finance for small and medium-sized enterprises (SMEs) throughout Wales.

The fund is overseen by the designated fund managers at FW Capital.

It will deliver a £130 million commitment of new funding to the country.

The fund aims to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across Wales.

The Investment Fund for Wales offers a range of commercial finance options with smaller loans from £25,000 to £100,000, debt finance from £100,000 to £2 million, and equity investment up to £5 million. The fund covers the whole of Wales, including rural, coastal, and urban areas.

Palmers Scaffolding, headquartered at the Aviation Park, Saltney Ferry, boasts a rich history dating back to its formation in 1888 by Edwin Palmer.

With a workforce surpassing 226 skilled professionals, Palmers has consistently been ranked among the top 10 UK scaffolding contractors.

The firm has seen a steady increase in turnover, from £12 million in 2020 to an impressive £23 million in 2023, and is on track to reach £31 million in 2024.

The company plays a crucial role in major infrastructure projects across the country, including the £32 billion Hinckley Point C Nuclear Power Station project in the South West and various high-profile industrial and construction contracts in the North East and London.

With regional offices spanning England and its headquarters in Flintshire, Palmers’ national presence is expansive.

Michael Carr, CEO of Palmers, said, “FW Capital’s was a rigorous approval process before accepting our application. We were very impressed with their approach.”

“Large infrastructure projects like those at Hinckley Point are our lifeblood, but we needed a significant 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.

“We’re 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 UK right now.

“The 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 £31M turnover in 2024.”

Mark Sterritt, Director, Nations and Regions Investment Funds at the British Business Bank, said, “The Bank’s 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.

“The Investment Fund for Wales is very much open for discussions with growth businesses across Wales and is committed to investing in a variety of expansion strategies.”

Rhodri Evans, Fund Manager for the Investment Fund for Wales at FW Capital, said, “We’re 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’re a strong Welsh brand with UK-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.”

 

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