London-based construction hire firm respond to growing demand with help from Lloyds Bank
A Hertfordshire-based construction plant and equipment hire business is responding to increased demand for its products and services with the help of a multi-million funding package from Lloyds Bank.
JA Rattigan & Son, which has sites in both Welwyn Garden City and Willesden, north London, predominantly supplies vacuum excavators to the utilities industry and large construction companies.
Vacuum excavators, also known as suction excavators, are construction vehicles that remove heavy debris and other materials from holes in the land. Due to the cost of buying one, more and more firms are opting to hire them for the duration of a specific project, on a rolling basis dependent on their requirements.
With the support of an asset finance facility from Lloyds Bank, which allows companies to spread the cost of big purchases over time, JA Rattigan & Son is able to supply the necessary equipment for these projects in a timely manner whilst avoiding disruption to its own cash flow .
Finance director Simon Park said: “The customers we supply to are often working on huge utilities projects that require very expensive bits of kit, sometimes at as little as a few days’ notice. What this funding from Lloyds Bank gives us is the confidence to be able to act quickly if needed and to meet these requirements every time.”
JA Rattigan & Son, which has a total workforce of around 150 including office staff and construction workers, has also used the asset finance package from Lloyds Bank to purchase its own fleet vehicles, such as HGVs to transport its products between locations.
Simon Park continued: “Not only does Lloyds Bank move very quickly when it comes to finance, the team there is also proactive in offering industry insight such as planning ahead of any rates going up, which is invaluable to us within the sectors we operate. ”
Antony Kuma, associate director of asset finance at Lloyds Bank, added: “JA Rattigan & Son provides a crucial service to large-scale utilities projects which, as we all know with gas, electricity and water, can work to urgent timeframes and deadlines for completion.
“This makes it vital that the company is always equipped and ready to respond, and we’ll remain firmly by its side to ensure this remains the case in the months and years ahead.”
By Mark Adair – Correspondent, Bdaily
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