Wolverhampton business invests in fleet with Lloyds Bank support
A leading environmental contracting specialist based in Wolverhampton has boosted its fleet with the purchase of four new lorries after securing a £346,000 hire purchase facility from Lloyds Bank.
McAuliffe Group helps customers prepare brownfield sites for future development. The family-run business, which is headquartered in the West Midlands and has a second office in Cheshire, provides its customers with services including soil and groundwater remediation, materials management, ground improvement and demolition offerings.
Following an increase in demand for its services from major housebuilding clients, the business needed to add to and upgrade its fleet of lorries by purchasing new tipper lorries to bulk remove aggregates and support site clearances.
McAuliffe turned to long-term banking provider Lloyds Bank Commercial Banking for funding support, and the hire purchase facility provided by the bank’s Commercial Finance team allowed it to purchase the vehicles and pay down the full amount over an agreed period to ensure its cashflow remains fluid.
The investment has increased the business capacity and ability to take on new orders, whilst also creating four new jobs, bringing its workforce to 50 employees across the group.
Steve McAuliffe, director at McAuliffe, said: “As the property market thrives alongside a recovering economy, there has been a significant uplift in demand for our services from housebuilders that need to clear land to begin new development projects.
“The arrival of these new lorries is fundamental to support this process, and Lloyds Bank has again backed our expansion plans, enabling us to facilitate increasing client demand. This is part of our growth plan for the business which will see a further eight lorries added to the fleet over the next six months with the support of Lloyds Bank.”
Keith Moore, regional manager at Lloyds Bank Commercial Finance, said: “McAuliffe relies on high-performing vehicles to complete its day-to day operations, and using the hire purchase facility has enabled the business to purchase these modern, reliable lorries without impacting on its working capital.”
Adrian Burden, relationship director at Lloyds Bank Commercial Banking, said: “We are committed to supporting ambitious SMEs like McAuliffe with their expansion plans, and have a longstanding relationship with the business management team. Whilst this investment has helped the business increase its productivity, it has also created new job opportunities, which is great news for the local economy.”
