One Stop Hire powers up for growth
AN INDUSTRIAL tool and equipment hire firm One Stop Hire has secured a £950,000 funding boost as it prepares to expand into new regions.
The ambitious Chorley company, which has nine depots in this region, is set to open a branch in Yorkshire this year and is also mulling expansion into Staffordshire.
One Stop Hire will use the finance from HSBC to invest in stock to keep pace with demand. The business has grown by 20% each year since it was formed in 2009 and expects turnover to hit £7m this year from £5.6m in 2013.
One Stop Hire stocks over 700 product lines, ranging from electrical power tools and mini plant through to powered access systems.
The company was launched by managing director Stephen Hitchen after acquiring and merging SJS Hire Tools and PSL Hire. It operates depots in Manchester, Liverpool, Blackpool, Bolton, Cumbria, Preston, Widnes, Wigan and Wrightington.
Earlier this year it snapped up an equipment and safety training business and is looking to move into the equipment and workwear retail market.
It is also planning to head across the Pennines and open its first Yorkshire branch later this year, and has opportunities in the Staffordshire area which may require a further outlet.
Managing Director Stephen Hitchen said: “We have enjoyed strong growth since launching the business, but we have noticed business levels really picking up over the past year as the construction industry returns to strong growth.
“We are a capital intensive business and we need to invest in stock to ensure the business grows, which is why we are pleased to have secured this new finance package from HSBC as we have exciting plans for the future.
Jack Gorin, senior commercial manager at HSBC’s Manchester commercial team led the funding.
Jason Trigg, HSBC’s Manchester area commercial director, said: “One Stop Hire has clear expansion plans for the future, led by a strong management team. This finance package enables the business to invest in stock expansion, helping to drive revenues.”
