A long established York business is set to re-energise its sales and marketing strategy following a funding boost from Finance Yorkshire.
Elcocks Limited, which sells, hires and repairs power tools to the trade has secured a £30,000 Business Loan.
The business is headed by brother and sister partnership Andrew Elcock and Claire Bedford, together with their father Ivan and was established in 1971 by their grandfather, Claude.
It stocks a wide range of power tools from leading manufacturers and is a warranty repair specialist for Makita, Stihl and Black & Decker. From premises in Goole, Driffield and the head office in York, it also sells a range of associated products from clothing to insulation tape.
A 700-strong customer base includes Shepherd Group, Portakabin, City of York Council and Network Rail.
The £30,000 funding boost from Finance Yorkshire will provide additional working capital to refine the firm’s sales and marketing strategy to further growth.
Martin Bell at RedSky supported the team at Elcocks in securing the Business Loan.
Commenting on the investment, Claire Bedford said: “We are always looking at ways to boost sales and improve our service and the funding from Finance Yorkshire will be vital in allowing us to create two new roles within the business: a sales rep and a trade counter assistant.”
Finance Yorkshire chairman James Newman said: “Elcocks is one of many hundreds of companies across Yorkshire and Humber that have received Finance Yorkshire support at an important point in the life cycle of their businesses.
“Our investments have enabled these companies to achieve their ambitions and become successful and vital contributors to the growth of the Yorkshire and Humber economy – an achievement of which Finance Yorkshire is very proud.”
Finance Yorkshire Investment Manager Ian Atkinson said: “Elcocks remains very much a family business which prides itself on first class customer service and this has enabled it to compete with names such as B&Q and Screwfix.“We are pleased to support the team as they continue to grow and create new jobs close to 50 years since the business was formed.”
To date, Finance Yorkshire has invested over £105 million in Yorkshire and Humber, enabling companies to increase their turnover by £377 million and attract a further £273 million from other private sector sources. Through this activity, Finance Yorkshire investment has helped those SMEs to create and safeguard more than 12,000 jobs in the region.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.