A thriving tool and equipment hire company is expanding its business base in the Midlands after securing financial support from Yorkshire Bank.
Family-owned Plantool Hire Centres has shops in Warwick, Stratford, Daventry, Kettering and Nuneaton as well as its base in Leicester Road, Lutterworth, and employs a total of 25 staff.
Now, the company is buying its 2,500 sq ft premises in Lutterworth after receiving funding from Yorkshire Bank’s Financial Solutions Centre (FSC) in Coventry as well as the 2,200 sq ft adjacent unit to expand its operation.
Rodger Webb, managing director of Plantool Hire Centres, said the investment means the business, which has been trading since 1979, is nearly doubling its floor space in Lutterworth.
“Business is going well and we are recovering slowly from the recession,” he said. “Our plan is to continue with strategic investment in equipment.
“We have been renting the shop in Lutterworth since 2005 but buying the premises means we can develop the site to our own benefit. We are buying the unit next door to extend the shop which means we will be able to have more equipment for our industrial and commercial customers and for people to hire to carry out DIY jobs at home.
“We have bought £130,000 worth of diggers for the Lutterworth shop as part of our commitment to providing an extensive range of hire equipment for every job no matter how large or small.
“We’re a relatively small business in a competitive environment which gives us advantages because we can make decisions very quickly and consequently we need a financial partner that can respond in a similar fashion.
“Steady investment for steady growth over the next three to four years is our goal with an eye for making the most of opportunities – such as the Lutterworth shop – which come our way.”
Rodger said it was vital in the current economic climate to work with a bank which fully understood your business.
“We have moved our full banking services to Yorkshire Bank and we have a good relationship,” he said.
“It is important to understand the type of business we have which is different to other businesses because of the investment in stock and the finance behind it.
“Business is about people and it is important to develop a relationship with your bank. We know we can always pick up the phone and talk to someone at Yorkshire Bank and we will receive a considered response.”
Andy Russell, business banking partner at Yorkshire Bank’s FSC at the Ricoh Arena in Coventry, said buying the premises at Lutterworth would enable Plantool Hire Centres to maintain its business plan of steady growth.
“Extending the unit as well as owning it means the company can put its own mark on the site as well as increase its product range,” he said.
“Yorkshire Bank is pleased to be supporting the firm with this venture through our Investing for Growth initiative which is ideal for companies wanting to buy new premises or fund the launch of new products.”