How £1m loan helped this Essex firm fight 'testing times'
PUBLISHED: 13:37 19 July 2019 | UPDATED: 19:32 19 July 2019
A Colchester crane hire company is set to boost its revenue after using a seven-figure loan to expand its fleet and move into a new base.
Cadman Cranes received a £1.1m loan from Lloyds Bank to increase capacity and take on new contracts.
The firm, which has an annual turnover of £3.5m, provides cranes - ranging from seven to 180 tonne capacity - for clients in the construction, industrial and manufacturing sectors.
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And this funding injection has allowed it to invest in three new cranes and grow its fleet to 25.
The Colchester business is also planning to move to a 30,000 sq ft base with modern facilities and crucial access to the A12 road network.
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Matt Waddingham, managing director of Cadman Cranes, believes the funding has been vital in helping the company combat the struggles facing the construction industry.
He said: "The sectors in which we operate have experienced more testing times as of late, but our business pipeline has remained robust, allowing us to push on with our growth plans.
"The funding provided by Lloyds Bank, who have been by our side throughout this process, has meant we can expand our fleet and upscale our headquarters.
"This stands us in good stead as we look to take on more customers and continue to drive our presence in the local and national market."
The funding makes up part of Lloyd Bank's commitment to lend £1.7bn to businesses across the east of England this year.
Jon Sedgwick, relationship director at Lloyds, said: "Cadman Cranes has established a stellar reputation by supporting major projects in and beyond East Anglia.
"Supporting robust small and medium sized businesses like them in the east of England will enable them to continue providing essential services to the region and is a key part of our commitment to help them, and Britain, prosper."