Bristol, February 2009: Drill Cut Ltd, a specialist diamond drilling and sawing business has received an injection of capital from Lombard to support the ongoing organic growth of the business.
Drill Cut, which has six depots across the UK, is run from its headquarters in Chipping Sodbury, Bristol and was established in 1986 by Phil Goodfield, Managing Director. The business services the construction industry and provides a wide range of specialist drilling and sawing solutions, and more recently concrete repairs, to a number of customers across the whole of the UK.
Drill Cut owns a fleet of over 40 vehicles which are used to transport engineers and their equipment to various sites. With the business becoming increasingly successful in recently years, the job of managing the fleet was becoming more time consuming and challenging, and the Financial Controller, Tina Tongue has struck a deal with Lombard to allow the asset finance provider to maintain 27 vans within the fleet itself on a sale and leaseback basis.
Tim Griffiths, Key Fleet manager, Lombard Vehicle Management, worked closely with Lorraine Kilmartin, Senior Relationship Manager from the Lombard team in Bristol, who provided the funding package worth £97K to allow the Lombard Vehicle Management team to take over the running of the fleet, which includes purchasing, maintaining and disposing of vans.
Lorraine Kilmartin, Relationship Manager, Lombard, Bristol commented:
"This deal presents a great opportunity for Drill Cut and means that we can effectively support the running of the fleet while
positioning the business well to continue with its success in winning new contracts."
For more information contact:
Caroline Hill
07796 182703
Caroline.j.hill@rbs.co.uk
