Chorley plant hire, contracting and property development company Ruttle Group, has agreed a near £10m funding package as it looks to capitalise on improving market conditions.
The £20m turnover company has moved its facilties to Lloyds Bank Commercial Banking, which will provide it with additional working capital and investment loans.
Founded in 1958 by current managing director Harry Ruttle, the business started out as a specialist in agricultural equipment hire, but plant hire is now its main activity and it supplies construction and civil engineering sectors across the North, Midlands and Scotland.
The group has also diversified into property development – including housebuilding and industrial and commercial property – and owns and manages a diverse portfolio of sites which includes holiday accommodation and farmers’ markets.
In the last 12 months, it has seen hire volumes bounce back to pre-recession levels.
Harry Ruttle said: “Throughout these recent years of turbulent economic conditions, and a deep recession in construction, our core hire business has remained profitable while our property interests have continued to perform well.
“We’ve always reinvested our profits back into our businesses and this has helped to provide us with an ideal platform from which we can now capitalise on improving economic conditions.”
Dave Bowen, relationship director at Lloyds Bank Commercial Banking for East Lancashire, added: “The Ruttle Group is a great example of an entrepreneurial family-owned business that has continued to prosper throughout numerous economic cycles.
“It is led by an extremely adept management team that has steered a successful course for more than 50 years.
“Our role is to support their plans for the future and to give them the confidence and backing they need to continue to invest in their businesses.”
Ruttle had banked with Royal Bank of Scotland, and was also a customer of Lloyds TSB Commercial Finance, the bank’s asset-based finance division.
Ruttle UK depots are: Ruttle Plant HQ, Chorley; Readyplant Ltd, Croston; Ruttle Plant (Midlands) Ltd, Chesterfield, Manchester; Ruttle Plant (Birmingham) Ltd, Lichfield, Staffordshire.
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