Newport equipment supplier looks to build on excellent first year
A company set up in March 2014 by an ambitious Newport businessman has utilised a £150,000 loan from Finance Wales to grow the business and achieve an annual turnover of more than double its target.
Altraxx Plant Services (Altraxx), which supplies heavy construction equipment to companies in a range of sectors, used Finance Wales’ loan to build up its hire fleet, purchase stock and invest in specialist equipment for export.
A successful first year has seen Altraxx take on 1 new member of staff as well as 4 sub-contractors at its base in Newport docks.
Altraxx has quickly become known for supplying high-quality used plant and equipment such as bulldozers, excavators, loaders and material handlers manufactured by well-known names such as Atlas, Caterpillar, Komatsu and JCB for sale or hire.
Before starting his own business, Altraxx’s Managing Director, Al Preece-Jones was General Manager at Chepstow Plant Services which he believes has contributed to Altraxx’s success in its first year and helped lay the foundations for long-term growth.
“The demand for high-quality plant and equipment for sale, short and long-term hire is growing, both in the UK and overseas. From the outset, it was important for us to establish a reputation for being able to source the equipment our customers need either from stock or through our industry contacts.
“Finance Wales’ backing has enabled us to establish our sales and hire businesses in our first year and both have exceeded our expectations. This has given us the confidence to move forward and we’re already looking to widen Altraxx’s reach by increasing the range of plant and equipment we stock,” he explained.
Altraxx supplies customers in the construction, infrastructure, quarrying, recycling and materials recovery sectors as well as to port and docks operations and regularly exports to key markets in Europe, Australia, Africa and parts of Asia.
Finance Wales Investment Executive, Oliver Jenkins worked with Al to structure a loan that would provide the fledgling company with the best chance of success.
Commenting on Altraxx’s successful first year, he said:
“Altraxx has had an impressive first year and is a young company making its mark in a demanding, quality-conscious international market. Its customers continue to be impressed by its ability to source and provide quality machines.
“Al has a great deal of industry knowledge and experience coupled with a strong track record. He’s paid attention to building Altraxx’s customer base and establishing the company’s market niche. Finance Wales provided Al with the capital he needed at a critical time in Altraxx’s development, enabling him to put his growth plans into action.”
Recent figures show the global market for heavy construction equipment is expected to grow by over $160 billion between 2015 to 2020.