A materials handling company is set to expand its fleet of equipment and double its workforce after receiving a £500,000 loan from the Growth Loan Fund.
Carn-based Clearlift Material Handling (CMHL) will initially buy 70 new forklifts and expects its employees to rise from 15 to 30 over the next three to four years.
The company specialises in the sale and hire of equipment throughout Ireland, including forklifts, pallet trucks and articulated trucks.
Jonathan Savage, managing director at CMHL, said, “The business was originally set up to sell and rent new and refurbished forklifts as well as offering a maintenance service. We made the decision two years ago to streamline the business and keep it simple, focusing on the selling and rental of new equipment only.
“Our unique selling point is that we offer competitive pricing and high quality equipment to our customers. Over the last few years we have experienced a tremendous level of growth, entering the Republic of Ireland market and relocating to bigger premises in 2014.
“This additional funding support from the Growth Loan Fund will initially enable us to expand our fleet of equipment by purchasing 70 new forklifts and we hope to attract further investment from the Fund as the business expands.”
He added, “Over the next three years we plan to increase our units rented to 1,000. Currently the rental fleet is approx 320 units and I believe if our growth continues as it has in recent years, then this is a very achievable target.”
The Growth Loan Fund provides loans to established Northern Ireland small and medium sized enterprises seeking growth finance, and is provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Neil McCabe, senior investment manager at WhiteRock Capital Partners, which manages the fund, said, “Jonathan and his team have built a strong network, working with some of Ireland’s leading brands.”