Palmers Scaffolding, recognised as the oldest scaffolding company in the UK, has announced ambitious growth plans following a landmark finance deal.
As previously reported, The British Business Bank has facilitated the company’s first debt finance agreement from the £130m Investment Fund for Wales, injecting £500,000 into Palmers Scaffolding.
Founded in 1888 and incorporated in 1912 by Edwin Palmer, Palmers Scaffolding has seen consistent growth over the years. The company, which boasts a workforce of over 226, has grown its turnover from £12 million in 2020 to £23 million in 2023, with projections reaching £31 million for 2024.
Michael Carr, the CEO at Palmers, shared that the funding would partly be allocated for capital expenditures, including the acquisition of both traditional and specially fabricated scaffolding components.
Speaking to Insider Media, Carr highlighted the firm’s involvement in significant projects such as the £32 billion Hinckley Point C Nuclear Power Station and Thame Valley Viaduct. Additionally, Palmers Scaffolding plays a crucial role in maintaining operations for Heathrow and Gatwick Airports and is actively engaged in various construction projects within London, including the prestigious Olympia in the West End.
Reflecting on the company’s strategic direction, Carr said, “Upon my arrival, it was clear Palmers needed a turnaround to ensure its sustainability. Now, we are focusing on growth that is not only sustainable but also strategic, ensuring that we’re heading in the right direction.” He emphasised the importance of controlled expansion, particularly enhancing the company’s footprint in the North West where it seeks to establish a stronger presence.
However, Carr acknowledged the challenges faced by the scaffolding industry, particularly in recruitment. “The industry is currently experiencing a labour shortage, making it difficult to meet our staffing needs despite our growth. We are exploring various options to address this issue,” Carr explained.
Looking forward, the CEO expressed optimism about maintaining profitability and achieving organic growth while also considering potential acquisitions. “Our main aim is to continue our trajectory of profitable growth, providing value to our shareholders. With our company in a good financial position, we are open to exploring acquisitions,” Carr stated, drawing on his extensive experience with successful business acquisitions and exits.
As Palmers Scaffolding embarks on this new chapter, its focus on sustainable growth, strategic expansion, and overcoming industry challenges positions the company for continued success in the UK’s construction sector.