Cornish steel firm lands funding for new spider crane
Truro-based asset finance provide Ignition has backed In Steel Blacksmiths and Fabricators with finance for a new crane worth more than £150,000.
Established in 1991, In Steel is a family business located in St Day near Redruth, specialising in the design and fabrication of steel staircases, fire escapes, gates and railings.
Three years ago, the company purchased its first spider crane, a specialist piece of equipment and at the time, one of only three operating in the country.
As its name suggests, the crane is compact on transportation but once in place, is supported by a number of extendable, spider-like legs for extra support. As a result, the crane is particularly suited to the complex nature of In Steel’s projects and the heavy materials involved.
The first crane proved such an invaluable asset to In Steel, both for its own projects and on hire to other contractors, that the company has invested in a second, larger model to meet growing demand for its use.
Ignition provides financial support to SMEs via commercial loans for specific business purposes, or by financing a wide range of business assets including vehicles, machinery and equipment. It has assisted In Steel with various equipment over the last decade, including its first spider crane and a DAF loader used to transport it, and was able to arrange finance for the second Jekko crane on a Hire Purchase agreement spread over five years, with a VAT deferral.
Ian Nicholls, Managing Director at In Steel, said: “Spider cranes are perfect for our projects as they are designed for operating in tight working environments. They are light and easy to transport, and can fit through a standard door frame, but once extended, they are very stable and secure and have a reach of over 23 metres. This model can also be used internally or externally as it can run on either electricity or diesel.
“The team at Ignition have always been very helpful and easy to work with, and swiftly arranged a package for the crane that would benefit my business. I’ve already had a number of enquiries from local contractors wanting to hire it, so I’m confident it will more than pay for itself over the next five years.”
Eleanor Smith, Business Development Manager at Ignition, added: “As ever, it has been a pleasure to work with Ian in securing this great piece of kit, which will facilitate the delivery of In Steel’s own projects, whilst also generating a rental income. We’re looking forward to assisting him again in the future as the business continues to grow.”
