When a Blackburn family-run plant hire business wanted to restore independent ownership, it went in search of funding that would enable it to do just that. CPN reports.
The owners of a nationwide plant hire company with a fleet of over 2,500 pieces of equipment has used a major business finance facility to return ownership of the business into family hands. B&W Plant Hire & Sales Ltd, which operates depots in Blackburn, Keighley, Northwich and Southampton successfully utilised a £3.5 million invoice discounting facility from Skipton Business Finance to support its demerger from the Fox Group. Back in 2022 the Fox Group negotiated a 40% share in B&W but opted against purchasing the remaining 60% share capital last year. As a result, B&W decided to buy back the 40% share capital Fox Group held to return the business to family ownership.
Keep it in the family
Founded by Bill and Mary Whitwell in Barrow, Lancashire, in 1963, Whitwell Plant Hire acquired its first new machine, a JCB 3C, in 1965. After their separation in 1975, Bill continued in the industry, building a fleet that included Volvo BM A20 dump trucks, O&K excavators, and Komatsu dozers.
In 1988, he briefly ventured into the hotel business before returning to plant hire in 1994, establishing B&W Plant Hire. His son, William Whitwell, now managing director, joined in 1998 when the fleet had around 50 machines. Today, B&W operates over 2,500 of the latest machines, from micro excavators to 50-tonne models nationwide.
All about growth
Commenting on the return of the business to family ownership, William Whitwell said: “I’m thrilled to be leading the business once again, with renewed motivation and optimism for the future.
“Thanks to the exceptional support from Skipton Business Finance, we’ve not only regained full ownership of our business but also unlocked exciting new growth opportunities. Their invoice discounting facility empowers us to expand our team, invest in state-of-the-art machinery, and embrace digitalisation – enhancing efficiency and ensuring long-term sustainability.
“The outstanding customer service, deep industry knowledge, and commitment to delivering swift, reliable funding made this transition seamless. Skipton Business Finance’s personal approach and certainty in execution truly set it apart as a trusted financial partner.”
Investing in the future
Adam Bradbury, regional sales director at Skipton Business Finance, added: “With the aim of returning to being a family-owned business, B&W needed a strong and flexible funding solution that will support the business moving forwards – and it was a pleasure to be able to assist.
“We support businesses across various industries, but helping a family-run business back into family ownership and put in place the foundations for long-term growth brings us real satisfaction.
“The finance solution we provided has equipped them with the right financial tools to move forward, invest in their fleet and operate independently with confidence.” Skipton Business Finance has been helping UK SMEs fulfil their aspirations since 2001 by providing working capital solutions that support their ambitious growth plans, and is part of the Skipton Group, where the core ethos is to build stronger relationships with the people, customers and the communities they serve.
It has five offices around the UK, and its financial solutions give businesses the confidence and ability to take the next step in their journey, whether it be a new start business looking for a cashflow boost, or a long-established operation planning to complete an acquisition to push their business to the next level.
Cash flows
Skipton’s invoice discounting facility gives access to up to 90% of invoice value the day it’s raised – removing the worry about when customers make payments, while also allowing a business to maintain full control over the collection of customer payments.
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