The first machine that Mechplant has bought with the money us a new 40-tonne Terex Demag AC-40 mobile crane, with more purchases planned for the final quarter of this year.
Established in 2002 and now based in South Shields, Mechplant specialises in renting out mobile crane services and construction hoists. Until recently it was part of Esh Group.
The deal with Yorkshire Bank follows a recent management buy-out at Mechplant, completed in May, in which directors Brian Wray and Stephen Mackinson bought the specialist plant-hire division from Esh, retaining the workforce and becoming the two principal shareholders.
The disposal by Esh follows the sale of Mechplant’s fleet of telehandlers, dumpers, compaction equipment and excavators to Nixon Hire last year. (See our previous report here.)
Stephen Mackinson said that the support from its bank would help Mechplant grow its market share across the northeast. “We have worked hard to develop both of our niche product offerings simultaneously, and the Bank’s assistance will enable us to enhance these, as we provide equipment for an increasing number of businesses within the construction and house building sectors, where we work with the UK’s major brands in an operating area stretching from North Yorkshire to the Scottish borders,” he said.