News

Jun 25, 2023

Forklift truck company picks up £656,000 funding to boost its green offering

A Dewsbury-based forklift and warehouse equipment dealership is set to increase its turnover by a fifth after introducing Net Zero lithium-ion vehicles, thanks to support from Lloyds Bank. Forktruck

A Dewsbury-based forklift and warehouse equipment dealership is set to increase its turnover by a fifth after introducing Net Zero lithium-ion vehicles, thanks to support from Lloyds Bank.

Forktruck Solutions sells and repairs forklift trucks and warehouse equipment to customers across the UK.

In a bid to become more sustainable, it decided to pivot its business strategy post-pandemic from selling only gas and diesel-powered vehicles to offer lithium-ion forklift trucks.

To store and process the new carbon zero stock, the company secured £600,000 from Lloyds Bank to expand its warehouse by 31% from 4,000 sq ft to 13,000 sq ft.

A further £56,250 of funding from Lloyds Bank was used to install solar panels, six electric car charging stations for employees, LED lighting throughout its warehouse and offices, and two living moss walls to help improve air quality.

Since expanding the premises, the business has employed six new salespeople, three service support employees and four engineers.

The business has also increased its turnover from £1.1m to £7m over the past three years.

Now, it is targeting 20% growth per year and forecasts a £15-20m turnover in the next five years.

Simon Penny Smith, managing director of Forktruck Solutions, said: “While lockdown caused great disruption to the business, we used the time to take stock of what we were offering and what our customers wanted.

“There was an increasing demand for more sustainable vehicles, so we decided to introduce the lithium-ion technology to our customer base and beyond.

“Since, the business has gone from strength-to-strength and our customers are reaping the benefits with huge savings on fuel and massive carbon reductions in their operations.

“From increasing productivity to saving around 10-15 tonnes of carbon each year, the new trucks will also save our customers about 70% in fuel cost alone compared to traditional forklift trucks.

“Thanks to Lloyds Bank, we’ve been able to really focus on becoming more sustainable and now have the space to stock the new lithium forklift trucks.”

Craig Smith, relationship manager for Lloyds Banking Group, added: “We are proud to be supporting a business like Forktruck Solutions that realises the long-term benefits of operating more sustainably.

“The firm is now providing customers with a greener alternative while also reducing its own carbon emissions, a perfect example of how a business can help our region on the road to Net Zero.

“We’ll continue to be by the side of Forktruck Solutions, and other sustainably-minded businesses across the region, and look forward to supporting them as they continue on their sustainable journey.”