Welsh based Tower Hire and Sales focus on growth with eCapital funding solution
Tower Hire and Sales Limited, the Welsh based specialist developer and provider of innovative CCTV towers and temporary security solutions across the UK are focussing on growth following a boost in funding from eCapital Commercial Finance.
Together, directors, Mark and Jodie Davies and their team of operations and engineering staff, have built a reputation for innovation and quality with work carried out to the highest standard, earning them key industry accreditations.
With much of their work and customer base dominated within the construction and engineering environment, the need for a plentiful supply of consistent cashflow has been essential to ensure a competitiveness within a fiercely contested sector and the funding confidence to take on larger projects.
As Mark points out “the particulars of the housebuilding sector are such that we cannot afford for payments to be withheld or held up for incremental issues or queries that delay payment runs and so invoice finance with its guaranteed advances against our completed invoices works perfectly.”
Having used invoice finance previously, Mark and Jodie had unfortunately experienced frustrations with their previous funder and changes in both reporting structure and point of contact led them to be introduced to eCapital by one of their trusted intermediaries.
Since then, they have never looked back. From beginnings of around £8-10k per week the business took the decision to move to the wholesale market as part of its growth strategy. This proved challenging for several reasons and having successfully pivoted the business to focus on supplying solutions straight to end user (direct or via other security companies) this proved a decisive move. Tower Hire and Sales has achieved rapid expansion over the last few years and is now recording levels of £300k net per month. This impressive growth has been backed by staunch eCapital support with funding lines increasing throughout this period from an opening £50k to currently standing at £600k with plans for a possible further uplift to £1m during 2023.
With no outside investors or formal banking facilities, the success of Tower Hire and Sales has been a huge testament to the strength of invoice finance as a solution to achieve high level growth amidst funding surety. Despite the ravages of Covid -19 and the widespread effects of the pandemic across the business landscape, Tower Hire and Sales stood firm and as Mark points out; “Whilst lockdown had an indelible impact on the movement of people, our buildings and infrastructures still needed to be serviced or surveilled so to a greater extent, our operation wasn’t materially affected.”
“The deep understanding that eCapital have of my business and the direction that it needs to be travelling has been fundamental in its success. The certainty of funding that they provide, coupled with their no nonsense, straightforward and honest approach allows me to embrace business challenges and opportunities with equal desire and innovation.”
Tower Hire’s recent large scale company office move from 1800 sq. foot to 6000 sq. foot is further evidence of the exciting times ahead for this business.
Mark Finn, regional managing director at eCapital said “Whilst the last few years for many businesses have been challenging throughout an unprecedented economic backdrop, it has been essential for us to be there for our clients to offer the cashflow and operating support to help them achieve their short, medium, and longer-term ambitions.
Our team has worked incredibly closely with Mark, Jodie and their colleagues at Tower Hire and Sales to ensure its impressive growth has been matched by a consistency of support and unique understanding of their cashflow needs. We look forward to sharing in their further business success throughout 2023 and beyond.”
