ONE of the UK’s leading generator hire companies is set to expand further after securing a £1.15m loan from Yorkshire Bank.
Normanton-based Generator Power will use the loan to purchase a variety new generators – depending on demand – which will then be hired out to businesses nationwide to supply power for emergencies, events, planned outages as well as supplementary and backup power.
The Asset Finance line was arranged by Pete Sumners, business development manager at the Bank’s Business and Private Banking Centre in Leeds.
Generator Power was launched 1997 by managing director Steve Cardwell and in the past four years it has experienced substantial growth – turning over £18.4m in 2013 – much of which can be attributed to its diverse range of customers which includes Northern Power Grid (Yorkshire Electricity), Scottish Power and Utilities Water.
The company now employs more than 100 people. Steve Cardwell said, ”Our business helps keep the lights on and the water running. The Asset Finance loan from Yorkshire Bank will allow us to continue to support new and existing customers while allowing us to invest in other areas of the business.”
Generators for hire can range from the size of a desk, to the size of a shipping container. The company, which played an important role in providing support to those affected by recent flooding, also hires out associated products including HIAB trucks, power cables and more recently – ground sheeting (Trackway).
David Maybury, Head of Yorkshire Bank’s Business and Private Banking Centre in Leeds, said, “It’s great to work with and be able to support a thriving local business like Generator Power. They play a crucial role in the supply of temporary power to various businesses not just in Yorkshire, but across the country.
“Yorkshire Bank remains focused on investing in the local economy and it’s extremely rewarding to know that we can play a part in supporting the aspirations of ambitious firms like Generator Power.”