News release
Dudley firm lefted to new heights
A Kingswinford-based provider of stair and bath lifts is set to achieve £30 million turnover this year thanks to a number of innovative, award winning products.
Founded in the 1970s, Minivator Group Limited designs, manufactures, installs and services a diverse range of stairlifts and assistive living products.
The business has more than 800 clients and is the second biggest provider of stairlifts in the growing UK market, and third globally.
Minivator recently won the Medilink West Midlands ´2007 Innovation Award´, having introduced new technology to increase the speed and accuracy of stairlift surveys, which has contributed to the company´s rapid expansion.
The company employs 271 people and produces 15,000 stairlifts and 5,000 bath lifts each year from its 52,000 sq ft premises.
The business has secured double digit growth annually and, to protect their rapidly growing turnover, it has taken out a Debtor Protection facility provided by Lloyds TSB Commercial Finance.
Martin Walmsley, Head of Debtor Protection at Lloyds TSB Commercial Finance, said: "The UK market for mobility lifts is growing rapidly on the back of driving factors such as the Government´s emphasis on care within the home, which is creating a requirement for aids to daily living such as bath or stairlifts.
"Minivator´s highly experienced management team has dramatically grown the business thanks to their commitment to research and development and their full circle offering – from tailored design and installation through to servicing.
"Management have chosen the support of our Debtor Protection facility to protect their hard-earned sales growth from the potential cash flow consequences of a major debtor entering administration."
Simon Hardman, Financial Director of Minivator Group Limited, said: "We have successfully expanded our business over the past few years, and are set to launch a number of products in the new year.
"We first took out credit insurance in 2004 but moved to Commercial Finance´s Debtor Protection package whilst using their asset based lending facilities.
"The policy offers us added insurance to manage taking necessary commercial risks in order to secure rapid expansion and has enabled us to broaden our customer base with the security of a strong safety net in place."
