Cash injection helping power supply group to make Progress

The Progress Group sells, rents and installs generators and emergency power equipment to industrial and commercial clients worldwide.

Progress Group employs 45 staff at its 40,000 sq ft workshop, head office, showroom and depot based in Dewsbury, West Yorkshire as well as 65 people at other sites including bases in Glasgow, Cleveland and London.

Andrew Walls, of Ethos Corporate Finance, led the deal that involves £4.4m of lending being provided by HSBC Bank and HSBC Invoice Finance to replace existing facilities.

Progress Group managing director Adrian Kemp commented yesterday: “Some of our customers were severely impacted by the recession but we have still been able to outperform the mar- ket.

“We are now positioned to expand and take the business forward both with more efficient newer hire generators, but also into more overseas markets with a great deal of potential.”

Mr Walls added: “Progress needed more liquidity to invest in the newest generator technology available to take advantage of the opportunities in the hire market and move forward after the recession.

“This deal shows that solid businesses can still attract crucial funding, but you can’t just rely on your existing bank.”