Investment generates growth for Power-Rite
GENERATOR hire and maintenance specialist Power-Rite (UK) has announced that it has made a significant investment into new machinery as a result of the company’s strong growth and expansion.
Warrington-based Power-Rite has spent more than £1m on new machinery and equipment over the last 12 months.
This activity has been supported through a mix of funding from RBS and its asset finance arm Lombard as well as the company’s own funding.
This investment has seen turnover increase almost 20% during the last 12 months from £1.6m to over £1.9m.
Most recently Power-Rite has spent £250,000 acquiring 12 new generators and 20 anti-vandal Powerboxes in order to meet increased demand for its services. A further £1.5million investment into new equipment is expected in 2015/2016.
Established in 2006, Power-Rite is a specialist in generator hire, loadbank hire, sales and maintenance. With offices in Snaith, East Yorkshire, and Warrington, the business operates nationwide, working with companies primarily in the construction, civil engineering, infrastructure, utilities, events, quarries and shipping industries.
In a joint statement directors of Power-Rite Brian Davey and Shaun Hymes, said: “The business has been performing brilliantly during the last 12 months and I am really pleased with the growth results we have achieved. We have secured some large new contracts and have employed a new sales team, both of which are factors that have helped to drive this expansion.
“The support we have received from RBS and Lombard has been excellent. We are predicting sales to continue to rise during the next 12 months and beyond and are looking forward to continuing to work with the teams as we acquire more equipment.”
Tom Parry, Relationship Manager at RBS said: “Power-Rite has achieved excellent growth results in recent times and the business is moving from strength to strength. I am pleased that we have been able to support the company with its expansion and have been able to work with our colleagues at Lombard to provide the equipment it needs to fulfil its increased orders.”
Sara Mosley, Relationship Manager at Lombard said: “It’s great that we have been able to supply the business with funding for the new equipment. Power-Rite has achieved significant level of growth and we are looking forward to continuing to support the business as it makes further investments into its assets.”
