Smiths Hire plots growth

Smiths Equipment Hire, a specialist plant hire and construction tool rental business has secured £700,000 from Yorkshire Bank to expand its operation.

Smiths Equipment HireAs well as supplying construction equipment, Smiths Equipment ‘Hire it’ Centres also provide a broad range of specialist in house training, including IPAF (International Powered Access Federation) and PASMA (prefabricated access suppliers’ and manufacturers association) courses on how to operate machinery both productively and safely.

The organisation operates out of ‘Hire it’ Centres across Lancashire, including Blackpool, Preston, Cleveleys, Blackburn, Kirkham, St Annes, Bolton, Manchester and Warrington. The funding provided by Yorkshire Bank will allow the business to expand by opening further ‘Hire it’ centres across the North West.

The Smith family established Smiths Equipment Hire Ltd in 1971 and have witnessed steady growth in the hire purchase market ever since.

Plans are also under way to extend the product range available to customers, including smaller hire tools like power drills, concrete mixers and power washers; to construction equipment such as powered access scissor lifts and plant machinery.

Brothers David and Thomas Smith jointly run manage the company’s operations. David said: “This is an exciting time for Smiths Equipment Hire because our established brand acts as an excellent platform to continue our plans for profitable, sustainable growth.

“We have a great longstanding relationship with Yorkshire Bank which affords us the opportunity to take advantage of a variety of funding options and business advice.”

The deal was facilitated by Andy Nurse, relationship manager for Yorkshire Bank’s Business & Private Banking centre in Preston. Ian Hardman, Yorkshire Bank’s head of business and private banking in Preston said: “Smiths Equipment Hire Ltd is a valuable resource in Lancashire because of the cost effective products and specialist services it offers, which remove the need for customers to purchase equipment, by allowing them to hire it if they are working on short-term projects."