A family-run garage equipment company has secured major contracts from some of the UK’s biggest car dealerships following investment from Finance Yorkshire.
Hull-based JD Engineering, which trades as JD Garage Equipment, works with international manufacturers to source the latest equipment, while an in-house computer-aided design (CAD) team designs garage layouts.
The company was established to provide used equipment to smaller, owner-occupied garages. But James and Nicolas Everard, the sons of founder John Everard, have driven an expansion into the design and fit-out of new dealer group workshops to manufacture specifications for some of the world’s best-known car marques.
JD’s customer base includes Audi, Volkswagen, BMW, Renault, Lamborghini and Porsche, working with Sytner, Pendragon, Vertu, BMW UK, Renault Retail Group and Motorline.
Finance Yorkshire has invested more than £200,000 in JD Engineering from its Business Loan fund, primarily to support the additional working capital required to fund its expansion.
The loans have enabled JD Engineering to almost double turnover from £2.3m to £4.2m in the last two years and this figure is set to top £5.5m in 2015. The company currently employs 43 people.
The funding has also enabled the company to bulk-buy high quality, imported equipment and invest in stockholding. JD Engineering is now the sole UK distributor for Rousseau Metal, a Canadian manufacturer of tool boxes and fitted cabinets for modern workshops.
Director James Everard said: “The business has transformed in recent years and we are now importing equipment from all over the world as we look to meet increasing demand for builds across the UK.
“The speed at which we have grown presents its own challenges but we have been able to employ additional engineers to ensure that we are well represented in the areas that our customers need us.”
Finance Yorkshire chief executive Alex McWhirter said: “Our Business Loans exist precisely to benefit companies such as JD Engineering, which needed access to finance to buy stock and meet increased demand. I’m pleased to see that they are rising to the challenge of meeting the requirements of a growing order book.”
Finance Yorkshire investment manager Grahame Lunt said: “JD Engineering is a well-established business with young directors who are prepared to drive it forward. They are well set to continue the work done over the past four years which has seen the business turnover grow by £1m each year to £5m.”
JD Engineering is advised by Mark Sharpley, Partner at Smailes Goldie Chartered Accountants, auditors, tax and business advisors based in Hull and Barton on Humber.
Finance Yorkshire’s investments to date have created and safeguarded 10,196 jobs across Yorkshire and the Humber, increased turnover by £309 million and generated private sector leverage of £179 million.
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.