Dolphin Lifts on the up with funding aid
A leading provider of mobility lifts has secured a new £4 million contract and invested in four new delivery vehicles as part of its ongoing expansion plans, thanks to a £270,000 funding package from Lloyds Bank.
Dolphin Lifts Midlands, based on Oldbury Road in West Bromwich, specialises in the installation and service of lifts for the less able-bodied, supplying individuals and local authorities across the Midlands.
Following a growing demand for its services, the business approached Lloyds Bank and its Commercial Finance team provided a working capital facility to help improve its cashflow. This enabled the business to secure a £4 million contract as Walsall Council's sole provider of stair lifts.
The bank has also provided the business with an asset finance facility to enable it to buy four new delivery vehicles without affecting its working capital.
The company's turnover is now expected to more than double from £1.4 million to £3 million in the next two years as it looks to further increase its client base in both the public and private sectors.
Dolphin Lifts Midlands now plans to diversify its offering to introduce a building and repairs arm of the business, which will enable it to construct and repair walls around its stair lifts, providing its customers with an end-to-end service.
Director Norman Farrington said: "The working capital facility was instrumental in securing such a big contract, and the purchase of the new fleet has helped us reach more customers across the Midlands at a timelier rate, so we can consolidate our position as a market-leader in the mobility and stair lift industry.
"Our long-term relationship with Lloyds Bank has been an essential factor to our success, providing the capital and sector expertise to enable us to hone in on key areas to add value to the business.
"We've now set our sights on introducing new services for our customers which will further support our expansion."
Funding was provided by Lee Mason, Lloyds Bank Commercial Finance and Mandi Wilberts, relationship manager at Lloyds Bank Commercial Banking.
Mandi said: "Dolphin Lifts Midlands is an ambitious business with a strategic expansion plan. Not only will the investment in new vehicles enable the business to grow its capabilities, but the use of an asset finance facility will alleviate some of the strains on cash flow a business can experience as its looks to grow.
"We are dedicated to helping companies capitalise on expansion opportunities, and have increased our lending to small and medium sized businesses by 26 per cent since 2011, while the market has contracted by 13 per cent."
