Crane hire firm hits fresh heights with bank funding
A Colchester crane hire business has moved into 30,000 sq ft premises and added to its fleet of cranes with support via a seven-figure funding package from Lloyds Bank Commercial Banking.
Cadman Cranes, which is one of the leading mobile crane hire companies in East Anglia, used a £1.1 million loan from Lloyds Bank to increase the business’ capacity to take on new contracts.
It now plans to move to a new headquarters which provides modern facilities and crucial access to the A12 road network.
The funding package forms part of Lloyds Bank’s commitment to lend £1.7 billion to businesses in the East of England this year. It includes a £1m hire purchase facility to invest in three new cranes to support new contracts, bringing its fleet to 25.
Cadman Cranes provides cranes ranging from seven to 180 tonne capacity for clients in the construction, industrial and manufacturing sectors, as well as renewable and utilities firms. It has an annual turnover of £3.5m and is set to boost yearly revenue as a result of the increased capacity.
Matt Waddingham, managing director of Cadman Cranes, 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.”