Plantforce plans growth after cash injection
By Joe Malone13 August 2018
UK rental company Plantforce has received a £4.7 million (€5.27 million) cash injection from investment company BGF, to further expand its offerings.
Plantforce specialises in heavy equipment rental and is a key provider to contractors such as Kier, Costain, Balfour Beatty and BAM construction. The company said the money would go towards expansion plans, through acquisitions and new depots. It currently operates four depots in Britsol, Exeter, Bridgewater and Birmingham, all in the UK.
Plantforce is also one of only a small number of companies to hold approved supplier status for both nuclear sites and network rail. It is currently the largest supplier of specialist equipment for the construction of Hinckley Point C, a new nuclear power station providing low-carbon electricity across the south west.
BGF is an investor into small and mid-sized businesses in the UK, with £2.5 billion (€2.8 billion) to support a range of growing companies.
Claire Trott, managing director of Plantforce, said, “This is a really exciting time for Plantforce. We have a clear vision of the future and, we’re very pleased to have BGF’s support at this crucial stage in our growth phase.
“The investment will not only enable us to diversify and expand our fleet, but also to continue and strengthen our service offering, what we do best, but strive to do better. Providing our customers with a greater flexibility to exceed their requirements, and supporting them in finding solutions,”
Meanwhile, Ned Dorbin, an investor at BGF, added, “Plantforce has established a strong position in the construction market as a provider of exceptional quality machinery supplemented with round-the-clock customer care.
“Providing operated kit is one of their key differentiators and we believe the company is well-positioned to capitalise on several large infrastructure projects over the coming years. We’re very happy to be backing them ahead of what looks to be a very exciting time for the business.”