Terry Harris and Sons is a prestigious construction company based in Wadebridge in Cornwall, specialising in housebuilding, renovations, civil engineering, and landscaping.  It also boasts its own in-house joinery workshop and spray facility.  Established for over 40 years, the business is still run as a family concern and has a team of more than 120 staff covering all aspects of trades required to deliver the perfect home.

Despite the uncertainty of the pandemic and a brief pause during the first lockdown, Terry Harris and Sons have experienced a sharp increase in the demand for homes in North Cornwall.

Given announcements in 2020 from the government, Terry Harris and Sons researched the various schemes available and was recommended Ignition in February 2021. It was apparent that maintaining cash flow within the company was key to weathering the very uncertain storm ahead. To this end, Terry Harris and Sons elected to maintain its strong financial position and use Ignition to arrange significant funding to renew various vehicles and plant. This was achieved efficiently through three separate lenders over a period of 9 months using the Coronavirus Business Interruption Loan Scheme (CBILS).

Steve Harris comments:

“By raising funds using the CBILS route we have been able to substantially increase liquidity within our firm. Smaller firms subcontracting to us benefit now from a two weekly settlement rather than normal thirty-day accounts. This strengthens our ability to source the required labour force to meet with the ever-increasing demand for construction services throughout Cornwall. The funds were readily available at each draw down with minimal paperwork and, given the CBILS is interest free for one year, it made perfect sense to take full advantage of the scheme.

“Ignition were recommended to us by a trusted business contact, and we can see why. The whole process has been very efficient, and the customer service is fantastic. It’s also great to deal with a local company that takes the time to understand your business. Ignition is the perfect example of a Cornish-based company with City horse-power!”

After 17 years in the survey and construction industry as a Senior Surveyor/Line Manager, Miklos Hajnal is taking the plunge and launching his own new business, Magellan Surveys Limited.  The London-based start-up will provide land and measured building survey information services to a wide variety of customers from private individuals to architects, developers, consultant engineers, local and regulatory authorities as well as the construction industry throughout the UK.

Ignition has successfully assisted Miklos with the launch of his new business by funding a crucial piece of surveying equipment. The Leica RTC 360 is an advanced instrument for scanning tall buildings and construction sites.  Miklos was able to obtain it on Hire Purchase as well as taking advantage of the Super Deduction tax incentive announced by the government in March, which cuts tax bills by 25p for every £1 invested and reduces taxable profits by 130% of the cost.

Miklos comments:

“If I had decided to hire this equipment, it would have cost me around £1,200 per week + VAT.  With Ignition’s package I pay £700 per month for five years and will eventually own it outright.  In addition, the super deduction tax break has made the deal even more attractive.”

Having first considered starting his own company in 2014, Miklos finally took the plunge after noticing the impact of the Covid19 pandemic and Brexit on his industry:

“Time spent on furlough gave me the opportunity to thoroughly research the market and put together my plans for the business.  I noticed that many skilled workers in the industry were from the EU and returning to their birth countries, meaning that demand for the services Magellan Surveys can offer is high.

“My industry experience and contacts put me in a really strong position to succeed with this venture.”

Miklos was introduced to Ignition and its services through G2 Surveys, a company that has recommended Ignition to its customers for many years and is highly regarded in the industry. 

Miklos adds:

“Working with the team at Ignition has been stress-free and convenient.  The new Leica RTC 360 is an excellent all-round piece of equipment which will be crucial to the launch of the business.”

For more information on Magellan Surveys, visit www.magellansurveys.co.uk.

Newquay-based building and scaffolding company, RC Construction SW Ltd, was formed in 2013, and has become a well-established business in the local area, providing a variety of building services from brick paving, to loft conversions to new home builds. With its own scaffolding division, the company also supports local roofers and a solar power company with their scaffolding needs.

Although initially set back by the pandemic with some employees furloughed, RC Construction is now as busy as ever, working concurrently on two new build houses, as well as facing increased demand for its scaffolding services. 

A long-standing customer of Ignition, Director Andrew Taylor contacted Ignition regarding finance for additional scaffolding equipment and also requested a business loan to ease the strain on cash flow when commencing new groundworks contracts.

Ignition arranged a £25,000 Hire Purchase loan for new scaffolding equipment, through the Coronavirus Business Interruption Loan Scheme (CBILS) and was also able to provide a further £55,000 CBILS loan to assist with working capital.

The CBILS scheme provides 80% Government guaranteed loans up to £500,000, and asset backed loans to £750,000 with 12 months interest free. These commercial loans and some asset finance packages also benefit from a 12 month payment holiday, helping to ease business cash flow.

Andrew Taylor comments:

“It’s always a difficult time at the outset of a new contract, when there are substantial outlays but funds can’t be drawn for around six to eight weeks.  The CBILS loan will help us get these new contracts off the ground and support the growth of the business going forward.  Likewise, the new scaffolding equipment is already in use, helping us to improve our service and meet the increase in customer demand.

“Ignition have always provided us with really good service.  They respond quickly with workable solutions and minimal hassle.”

EG Fencing Solutions Ltd, based near Liskeard in Cornwall, was formed in 2007 by friends Lewis Elliot and Dan Goodman. It supplies and installs fencing and gate entry systems across the country. Recent projects include fencing for Stanstead and Gatwick airports, Hinkley Point power station, and a number of major roads and motorways across the UK.

Building on its success, the company recently purchased two new trucks worth £50,000 with help from Ignition via a Hire Purchase asset finance package, expanding its growing fleet to six.

The company has also taken the opportunity to secure a CBILS loan (Coronavirus Business Interruption Loan Scheme) worth over £200,000, making the most of the chance to obtain funds interest free for the first 12 months.

Lewis Elliot comments: “Lockdown was concerning at first, and we did furlough some of our workers for a couple of weeks, but we were soon as busy as ever.  Most of our contracts are for key industries such as the road network and National Grid, so this work was essential and had to continue.  However, we’re well aware that these are challenging and uncertain times, so felt it would be sensible to obtain a loan to provide us with greater financial security in the coming months.

“We’re also keen to continue expanding and strengthening the business and are actively recruiting more workers to help us fulfil new contracts, so the loan will help us to achieve this.”

Over the years, EG Fencing has worked with Ignition a number of times to finance vehicles for the business.  Lewis Elliot continues:

“We have always found working with Ignition is painless, straightforward and hassle-free.  They offer us competitive deals and can arrange finance quickly.”

Paul Caunter, Managing Director of Ignition, comments: “Lewis and his team at EG Fencing Solutions have been clients for many years, and it’s great to see the business continuing to grow and thrive. We’ll continue to do all we can to support them.”