Success Story
Palmers Scaffolding, the UK’s oldest scaffolding firm, secured a £500,000 investment from the Debt Finance Fund of the Investment Fund for Wales managed by appointed fund managers FW Capital.
| Region/Nation | Wales |
|---|---|
| Sector | Construction |
| Programme | Investment Fund for Wales |
| Partner |
Deeside-based Palmers Scaffolding is the UK’s oldest scaffolding contractor, having been formed in 1880 by Edwin Palmer and incorporated in 1912. Palmers employs a skilled and experienced workforce in excess of 300 and consistently ranks in the top 10 of UK scaffolding contractors. Turnover has grown steadily in recent years, from £12m in 2020 to £23m in 2023, with a forecast of £31m for 2024.
Palmers is engaged in the South West at the £32bn Hinckley Point C Nuclear Power Station project on behalf of a variety of clients and in the North East supplies a selection of blue chip industrial clients from its Wilton Works base in Teesside. It also has key contracts at Gatwick and Heathrow airports and construction contracts across central London for the Major Contractors Group.
Palmers has regional offices in the North West, North East, South East and South West of England, with its Head Office in Flintshire.
FW Capital’s was a rigorous approval process before accepting our application. We were very impressed with their approach. Large infrastructure projects like those at Hinkley Point are our lifeblood, but we needed a large amount of working capital for us to bring together everything we needed once we were brought on by Civil Engineers BYLOR Joint Venture to take part in the construction. We’re really pleased that we got the support needed from the Investment Fund for Wales and FW Capital, meaning we could hit the ground running with the project and bring our expertise to bear on what is one of the biggest projects of its type ongoing in the UK right now.
The loan will be used for cashflow funding and capital expenditure requirements. We are currently expanding our footprint in the Northwest and are budgeting for a £31M turnover in 2024. Michael Carr CEO, Palmers Scaffolding
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