Cardiff-headquartered utilities firm Arch Drainage Services has expanded its depot network as its growth plans continue apace with the support of Lloyds Bank.
The business, which provides advanced diagnostics and drain repair services for businesses and local authorities across Wales and the South West, has opened a new 7,000 sq ft depot on Avonmouth Industrial Estate in Bristol, creating 10 new jobs.
Earlier this year, Lloyds Bank backed the business with a new £250k invoice finance facility to support growth and has now provided a further six-figure round of funding to support the acquisition and set-up of the new Bristol depot.
In total, the business has added more than 20 new roles in 2020 to its now 50-strong team which is led by directors Damian Tranter and Dave Lewis. The opening of the Bristol depot marks the start of further geographical expansion, with the firm considering options to grow its footprint in the South West as well as expand its reach to encompass the Midlands.
Last year, Arch’s management team set an ambitious target of growing the business’ turnover to £3.9million by 2022. With the firm continuing to trade well through Covid-19, it now expects to achieve its three-year growth objective a year early.
Damian Tranter, managing director at Arch Drainage Services, said:
“While we’ve faced the same challenges as most business over the last six months, we’ve been able to continue delivering essential services to our growing client base. We have a bold vision for what the business can be, so it’s extremely rewarding to see it taking shape so quickly as we add new members to the team.
“As we look to deliver further expansion and add new depots, it’s natural that we will experience growing pains. However, having Lloyds Bank by our side is helping us to pursue each opportunity with gusto.”
Helena Warne, associate director at Lloyds Bank, said:
“Damian and the team around him have brought boundless energy to the business, which is showing in the turnover growth they’ve generated in the last year. The opening of the new Bristol depot marks a significant milestone in Arch Drainage Services’ journey so far and I’m sure we’ll be celebrating similar markers again in the near future.”