Acquisitive commercial vehicle firm in gear for growth
Commercial vehicle firm Martin Williams, based in Hull, is targeting expansion following its recent acquisition of a Scottish developer and manufacturer of specialist vehicles.
A £1.5m funding package from Yorkshire Bank will be used by Martin Williams to expand the business following its takeover of Penman Engineering. The acquisition is expected to save a number of jobs after the company fell into administration.
Martin Williams, a company specialising in build, repair, maintenance, refurbishment and hire of vehicles, began trading in 1990. It has a forecast turnover of £10m and employs more than 100 people.
Customers include high-profile names such as Wolseley Group, Pentagon Vauxhall, Axis Fleet Management, Morrisons, Aviva, Man Group, and Hitachi Capital.
Nick Williams, director of Martin Williams, said: “The funding from Yorkshire Bank will provide the company with a strong foundation to grow our market share and retain our competitive edge.”
The funding deal was put together by Pete Sumners, director, Specialist and Acquisition Finance, and Duncan Brock, commercial relationship manager, at Yorkshire Bank’s Customer Banking Centre in Hull.
Tony Farmer, at Garbutt + Elliott’s corporate finance team, said: “We were very happy to assist Martin Williams in growing its business by sourcing the opportunity, while also providing advice on structuring and assisting in negotiations with the administrator of Penman Engineering. We also provided transaction support in connection with the funding package.
“The acquisition will save a large number of jobs and also enable an important business to continue to develop.”
Sumners added: “We are always looking to help local businesses realise their ambitions, and we’re delighted to again have the opportunity to support the growth ambitions of Martin Williams. The management have demonstrated their forward looking approach, and they are a fantastic example of the entrepreneurial spirit which exists in the region. We look forward to working with Martin Williams as it continues to grow in the future.”
