Thursday, January 22, 2015

News: Loan boosts Rotherham battery business

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Industrial Battery & Charger Services Ltd (IBCS), one of the UK's largest independent suppliers of forklift truck batteries and chargers, is on the charge thanks to continued backing from Finance Yorkshire.

IBCS supplies batteries, chargers and service to the entire distribution chain, from original equipment manufacturers through forklift truck dealers to the end users.

Funding from HSBC and a £120,000 business loan from Finance Yorkshire enabled the company to move from its original base in Darnall, Sheffield, to premises at Hellaby in 2012. The business has since moved again – to premises twice the size at the same location – to meet the growth in customer demand.

Jonathan Jones bought IBCS with Glynn Woon in 2001 and together with sales director Paul Hewson they employ more than 20 staff. Turnover has grown from £2.6m in 2012 to more than £4m in 2014.

Jonathan Jines, managing director at IBCS, said: "The investment from Finance Yorkshire was crucial to our first move and then giving us the springboard to move again. We're 40% ahead of where we were last year and we are planning for strong growth in the next 12 to 18 months through new and existing customers."

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IBCS has seen significant growth in the hire of its forklift truck batteries and chargers where there is demand from companies moving large amounts of stock, particularly in peak seasons. IBCS is also investing in training and development.

Jones added: "We are bringing apprentices through the business as well as investing in the development of our engineers. We have got an excellent group of people and their customer service, the quality of our product and our modern warehouse allows us to operate more efficiently and achieve growth."

Melanie Reynolds, portfolio executive at Finance Yorkshire, said: "IBCS is a great example of a company that has significantly grown as a result of investment from Finance Yorkshire. It is a well-established company which has shown consistent growth and profitability and has the ability to further cement its leading position in the UK market."

Finance Yorkshire is the first European JEREMIE (Joint European Resources for Micro to medium Enterprise) initiative to become fully invested in England. Its £90m fund had three investment teams, Seedcorn Finance, Business Loans and Equity Linked Investments. It secured £45m from the European Investment Bank, together with £30m investment from the European Regional Development Fund (ERDF) and £15m from the Government via Yorkshire Forward.

IBCS website
Finance Yorkshire website

Images: Finance Yorkshire

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