Coleraine-based TBF Thompson (Garvagh) Ltd, one of Northern Ireland’s largest distributors of truck and heavy plant machinery, is to expand its range of services as well as hire more apprentices following £4 million in funding from Santander Corporate & Commercial.
TBF Thompson has been involved in the automotive and plant industries for over 50 years, and is one of the most well-known brands operating in the sector. During that time the firm has acquired franchises for names such as DAF, Hitachi, Thwaites, Palfinger, Bomag and Terex; it remains the only firm to hold a DAF distribution licence in Northern Ireland.
The deal with Santander involves the bank’s first ever structured finance deal in Northern Ireland, and will help TBF Thompson expand the range of truck and heavy plant machinery it provides. For instance, the firm has begun promoting new equipment from Hitachi such as wheeled shovels for quarrying, bulk storage and waste management; and new road planers and pavers from Bomag.
The firm is also looking to recruit apprentices for both its vehicle and plant business, with a view to improving the age profile of its work force. The funding from Santander comes in the wake of a recent Management Buy-Out (MBO) at the firm and the start of a new growth-focused business plan under a new executive board.
Raymond Crilly, Managing Director, TBF Thompson (Garvagh) Ltd, said: “Northern Ireland is showing clear signs of coming out of recession and the new team at TBF Thompson is ready to take full advantage of forthcoming infrastructure projects given our extensive fleet of construction plant and commercial vehicles. There will be a period of consolidation following the MBO before we look at significant expansion.”
Mark Robinson, Relationship Director, Santander Corporate & Commercial: “We are delighted to support Raymond and the team at TBF Thompson as the firm looks to build on 50 years of outstanding heritage. We have been able to deliver a bespoke funding package that suited the firm’s particular requirements and look forward to seeing TBF Thompson grow even further.”
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Notes to editors
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