Welsh Investment Fund Supports UK’s Oldest Scaffolding Firm

The Investment Fund for Wales has completed its inaugural debt finance deal, providing £500,000 to Palmers, the oldest scaffolding company in the UK. This substantial investment represents a pivotal moment for the British Business Bank and is intended to bolster the availability of early-stage finance for small and medium-sized enterprises (SMEs) in Wales.

Under the stewardship of FW Capital, the Investment Fund for Wales has dedicated £130 million to bolster sustainable economic growth, innovation, and local opportunities for emerging and expanding businesses throughout the nation. The fund offers a range of commercial finance options, including smaller loans, debt finance, and equity investment, covering the entire breadth of the country.

Established in 1888, Palmers Scaffolding has experienced consistent growth and plays a crucial role in major infrastructure projects across the UK. The company’s turnover has surged from £12 million in 2020 to an impressive £23 million in 2023, with projections to reach £31 million in 2024.

Michael Carr, CEO of Palmers, conveyed his appreciation for the backing from the Investment Fund for Wales and FW Capital, underscoring the significance of the loan for cash flow funding and capital expenditure requirements as the company extends its presence in the Northwest.

Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank, emphasised the fund’s dedication to investing in an array of growth strategies for forward-thinking companies like Palmers. He stressed the fund’s backing for smaller businesses with aspirations for growth.

Rhodri Evans, Fund Manager for the Investment Fund for Wales at FW Capital, lauded Palmers Scaffolding as a strong Welsh brand with national recognition. He expressed confidence in the company’s investment through the fund.

On the whole, the support from the Investment Fund for Wales marks a significant milestone for Palmers Scaffolding, empowering the company to pursue its ambitious growth plans and maintain its impactful role in major construction projects across the UK.