Investment helps Forfar company's expansion

A Forfar company is going from strength to strength having doubled its year-on-year revenue last year and being on course to do the same this year.

By
Mark Dowie
Saturday, 25th June 2022, 3:00pm
Investment helps Forfar company's expansion

Independent Growth Finance (IGF) has provided vehicle tail-lift manufacturer Access XL with a £1.45 million asset-based lending (ABL) facility which will be used to fuel their growth, with exceptionally high demand and increasingly large orders.

Founded in 2012, Scottish firm Access XL is the UK’s only specialist industrial vehicle tail-lift manufacturer, a division of industrial solutions providers XL Global Group.

The business has grown significantly in recent years, and this additional funding will allow Access XL to continue that trajectory.

The funds have already allowed them to purchase and expand their 2000 square meter facility, increasing lifting capacity by over 50%. Additionally, whilst improved cash flow allows the Forfar-based firm to purchase the specialised raw materials needed to fulfil increasingly large orders.

During the pandemic, demand has grown rapidly, from HGVs, to ambulances, as well as specialised packages tailored to industries including emergency services, recycling, offshore wind power, and oil and gas.

The funding has allowed the company to buy and upgrade its facility, including the neighbouring building, enabling an increase in production capacity from three lifts per week to 10.

This boost to production is crucial too, as orders come in for tens or even hundreds of lifts. It is here that the funding serves another crucial role, allowing the purchase of more stock of the specialised imported steel and aluminium needed.

Colin Laird, managing director, said: “As we continue to establish ourselves as the only UK manufacturer of specialist tail lifts, demand is only rising, so it was vital that we found a partner who could provide the capital needed to meet it.”

Richard Spielbichler, new business director at IGF, added: “We strive to offer the flexibility that many banks can’t, and recognise that each client offers unique challenges and opportunities.

"The headwinds driving Access XL’s success were clear, and we’re glad to have provided the funds and counsel that will accelerate this growth.”

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