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Farm machinery firm Wilfred Scruton Ltd’s growth deal
AN agricultural machinery dealership dating back more than 100 years has secured a seven-figure finance deal after seeing turnover almost double since 2009.
Wilfred Scruton Ltd, which has two North Yorkshire bases in Riccall and Foxholes, is planning for further growth after agreeing the package with HSBC’s regional commercial team.
The family-run firm has seen turnover increase from £12.1 million in 2009 to £22.5 million this year, and is hoping to increase it to £24.5 million off the back of the finance package.
Employing 43 people, Wilfred Scruton sells agricultural 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.
The finance package is to be used to fund an increase in the business’s stock holding of JCB machinery and Valtra tractors, as well as revamping its parts department to stock a wider range of products.
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.”
Wilfred Scruton Ltd 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.
As well as JCB and Valtra, the company is a dealership for brands such as Amazone, Khun, Krone, Lemken and Twose, amongst others.
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.”
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