J A Rattigan & Son
Hertfordshire construction hire firm responding to growing demand after securing an Asset Finance Facility Loan
Read time: 2 mins Added: 03/01/2023
A Hertfordshire-based construction plant and equipment hire business is responding to increased demand for its products and services with the help of a multi-million pound funding package.
J. A. Rattigan & Son, which has sites in both Welwyn Garden City and Willesden, North London, predominantly supplies vacuum excavators to the utilities industry and large construction companies.
Vacuum excavators, also known as suction excavators, are construction vehicles that remove heavy debris and other materials from holes in the land. Due to the cost of buying one, more and more firms are opting to hire them for the duration of a specific project, on a rolling basis dependent on their requirements.
With the support of an asset finance facility, which allows companies to spread the cost of big purchases over time, J. A. Rattigan & Son is able to supply the necessary equipment for these projects in a timely manner whilst avoiding disruption to its own cashflow.
Finance director Simon Park said: “The customers we supply to are often working on huge utilities projects that require very expensive bits of kit, sometimes at as little as a few days notice. What this funding from Lloyds Bank gives us is the confidence to be able to act quickly if needed and to meet these requirements, every time.”
J. A. Rattigan & Son, which has a total workforce of around 150 including office staff and construction workers, has also used the asset finance package to purchase its own fleet vehicles, such as HGVs to transport its products between locations.
Simon Park continued: “Not only does Lloyds Bank move very quickly when it comes to finance, the team is also proactive in offering industry insight such as planning ahead of any rates going up, which is invaluable to us within the sectors we operate.”
Antony Kuma, associate director of asset finance at Lloyds Bank, added: “J. A. Rattigan & Son provides a crucial service to large-scale utilities projects which, as we all know with gas, electricity and water, can work to urgent timeframes and deadlines for completion. This makes it vital that the company is always equipped and ready to respond, and we’ll remain firmly by its side to ensure this remains the case in the months and years ahead.”
Important legal information
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH.
Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is a wholly-owned subsidiary of Lloyds Bank Corporate Markets plc. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH has its registered office at Thurn-und-Taxis Platz 6, 60313 Frankfurt, Germany. The company is registered with the Amtsgericht Frankfurt am Main, HRB 111650. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.