Cannock concrete firm lays strong foundations for growth with Lloyds Bank

Kingscroft Concrete Grab & Hire Ltd, which supplies concrete and mixing equipment to more than 300 domestic and commercial customers across Staffordshire, has acquired and moved to a new 4,800 square metre site in Cannock.

The firm has also added two new commercial vehicles to its fleet after securing a further asset finance package from Lloyds Bank, vastly increasing its capacity to provide on-site concrete mixing services. The funding forms part of Lloyds Bank’s commitment to lend £2.5 billion to Midlands businesses during 2019.

As a result of the expansion, Kingscroft expects to increase its client base, workforce and annual turnover by more than 10 per cent within the next year. The firm was originally established in 2011 as a solo project by its founder Wayne Perry and now employs a team of nine.

Louise Jackson, director at Kingscroft Concrete & Grab Hire Ltd, said: “Over the past year we’ve seen a significant increase in demand for our services, and in order to implement our growth ambitions we needed to relocate to a much larger premises. This is another exciting step that will enable us to cater for the increased demand for our services, as well as create even more jobs in the local area.

“The Lloyds Bank team has been by our side throughout the whole process, offering expert guidance and helping us to feel confident in this new process. We would like to thank them for their ongoing support and look forward to continuing our successful partnership.”

Inderjeet Malhi, relationship manager at Lloyds Bank Commercial Banking, said: “We are committed to helping Britain prosper by supporting SMEs in the Midlands. Kingscroft is an excellent example of a successful business with ambitions to grow, and we’re pleased to support its efforts to increase outputs and create more employment opportunities.”