Independent Growth Finance (IGF) has provided access XL with a £1.45m asset-based lending (ABL) facility to fuel growth and meet rising demand.
Founded in 2012, Access XL is the fabrication and vehicle lift division of industrial solutions providers XL Global Group.
The funds have already allowed the business to purchase and expand its 2,000 sq m facility, more than doubling lifting capacity.
Improved cash flow should also allow the Forfar-based firm to purchase the specialised raw materials needed to fulfil increasingly large orders.
During the pandemic, demand for tail lifts across product segments has grown rapidly, from HGV’s to ambulances, as well as specialised packages tailored to industries including emergency services, recycling, offshore wind and oil and gas.
Access XL has purchased and upgraded its facility, including the neighbouring building. This expansion should enable an increase in production capacity from three lifts per week to 10.
Access XL managing director Colin Laird added: “Since the pandemic the business has gone from strength to strength, with revenues nearly doubling year on year.
“As we continue to establish ourselves as the only UK manufacturer of specialist tail lifts, demand is only rising, so it was vital that we found a partner who could provide the capital needed to meet it.
“The funds have already been put to work, allowing us to invest in the extra capacity needed to continue our trajectory.”
Richard Spielbichler, new business director at IGF, said: “The headwinds driving Access XL’s success were clear, and we’re glad to have provided the funds and counsel that will accelerate this growth.”
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