Agricultural business drives growth with funding help

WILFRED Scruton has secured a seven figure finance package to help drive future growth.

The family-owned and managed agricultural machinery and equipment dealership, which was formed over 100 years ago, will use the  finance – secured with HSBC’s North Yorkshire commercial team – to increase its stock holding of JCB machinery and Valtra tractors, as well as revamping its parts department.

Turnover at the business has nearly doubled since 2009, from £12.1m to £22.5m this year, and the company is targeting a further increase to £24.5m next year on the back of the finance package, which was arranged by Mike Craft, senior  commercial manager within HSBC’s North Yorkshire commercial centre.

Wilfred Scruton was founded by Joseph Scruton in 1896 as a foundry involved in the  manufacture  of horse ploughs. It is still in family hands today under the  ownership of brothers Ian and Guy Scruton, in addition to cousin Peter Scruton.  Wilfred  Scruton  operates from two sites – Foxholes and Riccall – and employs 43 people.

Managing director, Ian Scruton, said: “After enduring a quiet first three months  of the year, the rest of 2013 has been very busy and we have generated  the  same  level of sales as the whole of 2012 in nine months.

“Confidence is increasing in the agriculture sector and there is strong global  demand for UK  produce and goods. Farmers are investing in their businesses, which includes machinery, so we expect a strong year in 2014.”

Andy  Follington, HSBC North Yorkshire area commercial director, added: “Wilfred Scruton is a fantastic business that has experienced strong growth  in  recent years. It has seen an opportunity to continue on its growth path and HSBC is pleased to be able to support its ambitions.

“There seems to  be  a renewed sense of confidence in agricultural circles and we are certainly seeing greater numbers of our farming customers coming to see us about growth projects. This is a strong sector and one in which HSBC has a high appetite for growth.”

Wilfred Scruton sells agriculture machinery and equipment across the UK and  overseas, with 15% of used sales generated from customers in Poland, the  Czech  Republic, France, South Africa and the Republic of Ireland.