Deeside-based Palmers Scaffolding, the UK’s oldest scaffolding contractor, has made headlines by becoming the first recipient of debt finance from the British Business Bank’s new £130 million Investment Fund for Wales.
The historic company secured £500,000 from the fund’s debt finance element, managed by FW Capital, a subsidiary of the Development Bank of Wales.
This significant investment marks a milestone for Palmers Scaffolding, which was founded in 1888 by Edwin Palmer and has been a key player in the scaffolding industry for over a century. The company, incorporated in 1912, boasts a workforce of over 226 employees and consistently ranks among the top 10 scaffolding contractors in the UK.
Palmers Scaffolding has experienced steady growth in recent years, with turnover increasing from £12 million in 2020 to £23 million in 2023. With a forecasted turnover of £31 million for the current year, the company is poised for further expansion.
Michael Carr, Chief Executive of Palmers, expressed gratitude for the support from the Investment Fund for Wales and FW Capital, highlighting the importance of working capital for large infrastructure projects like Hinkley Point C Nuclear Power Station.
The loan will be utilised for cash flow funding and capital expenditure requirements as the company expands its footprint in the Northwest.
Mark Sterritt, Director of Nations and Regions Investment Funds at the British Business Bank highlighted the fund’s commitment to supporting smaller businesses with growth ambitions, such as Palmers Scaffolding.
Sterritt noted the bank’s openness to discussions with growth businesses across Wales and its dedication to investing in various expansion strategies.
Rhodri Evans of FW Capital commended Palmers Scaffolding as a strong Welsh brand with nationwide recognition in the construction sector. Evans expressed confidence in the company’s leadership and expertise, affirming that the investment is in safe hands.
“This investment represents not only a vote of confidence in Palmers Scaffolding but also in the resilience and potential of Welsh businesses,” said Evans.
“Palmers’ ability to secure this funding demonstrates their commitment to growth and innovation, and we are proud to support them on their journey.”