A fast-growing Sheffield plant hire firm is investing over £1m in its fleet with the help of a loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Eagle Platforms has secured a £200,000 loan which will provide additional growth capital and allow it to acquire a further £1.1m of large plant to meet growing demand. The company, which provides powered access equipment such as cherry pickers and scissor lifts to construction and other sites throughout the North, has more than doubled turnover in the past two years to £2.5m. It aims to increase that to £3.5m in the current year.
Eagle Platforms was founded in 2011 by Jim Haigh, the Managing Director, who has worked in the industry since the 1980s and now runs the business with the help of operations director Dan Stewart. The company, which has a fleet of 300 items with six delivery lorries, currently employs 26 staff and expects to create four new jobs in the year ahead.
Jim Haigh said: “Eagle Platforms has been growing rapidly in the past few years, which we believe is due in part to the personal and knowledgeable service we offer. The funding will allow us to acquire more plant to ensure that we are always able to meet customer demand and offer prompt delivery, and to take our business to the next level.”
Pete Sorsby, Investment Manager with Mercia, said: “Eagle Platforms is a service-driven business with a strong client focus and an excellent reputation in the industry. The company has achieved sustained growth over a number of years. The loan will allow it to meet demand following a number of contract wins, and improve profitability and turnover.”
Chris Mangle of Custom Business Finance provided fundraising advice to Eagle Platforms. Chris said: “Business growth creates the need for additional working capital. In the case of Eagle Capital, we were able to restructure existing finance agreements and reduce their monthly repayments, then secure additional funds from NPIF to allow them to expand the fleet to support their growth plans.”
Mark Wilcokson, Senior Manager at the British Business Bank said: “It’s great to be working with Eagle Platforms again after they received NPIF – Microfinance investment in 2019. This further investment shows that NPIF is making a real impact on business communities and strengthening regional economies. We are proud to work in partnership with Mercia and our other appointed fund managers to make a real impact on businesses like Eagle Platforms.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.