Yorkshire-based agricultural machinery and equipment dealership Wilfred Scruton Ltd has secured a seven figure finance package with HSBC’s North Yorkshire Commercial team to help drive future growth.
The family-owned and managed company, which was formed over 100 years ago, will use the finance to increase its stock holding of JCB machinery and Valtra tractors, as well as revamping its parts department to stock a wider range of products and improve customer experience.
Turnover at the business has nearly doubled since 2009, from £12.1 million to £22.5 million this year, and the company is targeting a further increase to £24.5 million next year on the back of the finance package, which was arranged by Mike Craft, senior commercial manager within HSBC’s North Yorkshire Commercial Centre.
Wilfred Scuton Ltd sells agriculture machinery and equipment across the UK and overseas, with 15 per cent of used sales generated from customers in Poland, the Czech Republic, France, South Africa and the Republic of Ireland.
As well as JCB and Valtra, the company is a dealership for brands such as Amazone, Khun, Krone, Lemken and Twose, amongst others.
The business was founded by Joseph Scruton in 1896 as a foundry involved in the manufacture of horse ploughs. It is still in family hands today under the ownership of brothers Ian and Guy Scruton, in addition to cousin Peter Scruton.
Wilfred Scruton Ltd now operates from two sites – based in Foxholes and Riccall – and employs 43 people.
Managing director Ian Scruton said: “After enduring a quiet first three months of the year, the rest of 2013 has been very busy and we have generated the same level of sales as the whole of 2012 in nine months.
“Confidence is increasing in the agriculture sector and there is strong global demand for UK produce and goods. Farmers are investing in their businesses, which includes machinery, so we expect a strong year in 2014.”
He added: “We were very impressed with HSBC; it was great to have a relationship manager who knew about our business and had the commercial experience to understand what funding we required to move us forward.”
Andy Follington, HSBC North Yorkshire Area commercial director, said:
“Wilfred Scruton Ltd is a fantastic business that has experienced strong growth in recent years. It has seen an opportunity to continue on its growth path and HSBC is pleased to be able to support its ambitions.
“There seems to be a renewed sense of confidence in agricultural circles and we are certainly seeing greater numbers of our farming customers coming to see us about growth projects.
“This is a strong sector and one in which HSBC has a high appetite for growth.”