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PMD Leasing Ltd - Regional Growth Fund and Hire Purchase

A customer of PMD Leasing Ltd is a relatively new start-up company who undertake a wide range of civil engineering activities. They have a wealth of experience in delivering cost effective solutions from concept to completion on projects including remediation and earthworks, drainage and ground works to name but a few.

Due to rapid growth of the business and new contracts won, the customer required new machinery in order to maintain service levels. They currently rely heavily on hire of plant and machinery and this will continue but in a competitive market, it is becoming increasingly difficult to hire in the plant and have therefore decided to look at available options to purchase more equipment.

The company Director approached Tom Brown at PMD to discuss next steps in obtaining the required funding. Tom has worked in partnership with Close Brothers Business Finance for some time and set up a meeting with Barry Joughin, Business Development Manager to discuss his client’s requirements. Barry had already worked with PMD on securing funding from RGF assistance for their client and realised that they had a good case for a further RGF application.

On their last RGF application, the customer had confirmed that they had 24 members of staff and were looking to recruit a further six full time staff. They have now confirmed that they actually have 38 members of full time staff and are in a position to again recruit six more full time staff. Therefore the assets needed will create six new positions and support further growth in the local construction sector, so are in line with the ethos of the RGF scheme.

With the funding and new equipment in place, the business has been able to expand and take advantage of their improved turnaround times. They have also gained a stronger position in a highly competitive market. New members of staff have been employed in line with the RGF application and they now have the capacity to take on more business without harming existing contracts.

Tom at PMD stated “Close Brothers Business Finance once again helped guide our customer through the RGF application process swiftly and easily. They ensured that with the RGF deposit available, they could afford to purchase the required new equipment and not have to rely on constantly hiring plant and machinery. The new equipment and funding allows for more cost effectiveness and will improve this already highly regarded company’s prospects and status in a competitive market.”