Mulholland Plant Services secures funding from Bank of Scotland
West Calder-based Mulholland Plant Services has kept moving during the current crisis after securing financial support from Bank of Scotland.
The Polbeth firm has over 600 units of plant equipment and machinery available for hire to civil engineering, housebuilders, local authorities, and industrial contractors across the UK. Using its own fleet of lorries and service engineers to provide UK coverage for their customers.
Due to the government’s UK-wide lockdown introduced in March, the business saw 95% of its customers, mainly in the construction sector, stop work immediately though local councils and railway services continued to hire equipment.
As a result of the lockdown, turnover in April fell significantly compared to the same period last year.
The downturn has forced the business to furlough 85% of its employees with the remaining members working to support customers that are still open. This includes staff to deliver machinery, field engineers to support customers remotely, and labour to service and prepare the machines.
In order to pay its suppliers, staff wages and deposits for new plant equipment, Mulholland Plant Services Ltd, approached Bank of Scotland for support. The business secured a loan as part of the government’s Coronavirus Business Interruption Loan Scheme.
George Mulholland, director at Mulholland Plant Services Ltd, said: “The construction sector is a key revenue pillar for us but restrictions imposed by the government meant most of our customers, 95%, were forced to stop work at very short notice. Some of our local authorities and industrial contractor customers are still working throughout this crisis and need our services.
“With Bank of Scotland’s help, we’re able to continue supporting our customers that are currently working through what is a hugely challenging time for everyone. The funding will also help ensure we can pay our suppliers and equipment costs when business as usual resumes although it is unlikely to pick up as quickly as where we left in March.”
David Allan, relationship director at Bank of Scotland, added: “Planning a route through this stormy period is a huge hurdle for almost every business in Scotland. This is why we’re committed to being by the side of companies like Mulholland Plant Services Ltd to help them adapt and adjust in the short-term and come out of this unprecedented time in a strong position.”
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