Tools retailer reaping benefits of new base
THE owners of a thriving Devon tool retailer have expanded into new premises following a six-figure cash injection.
Established in 1989, Tools UK SW was acquired by business partners Jeff Hill and Keith Latham in 2007. With a wealth of experience in the tool industry, the pair were keen to run their own retail and wholesale business.
Stocking a wide range of tools, towing accessories, winches and hardware, the business supplies products across the South West and nationally to both companies and individual customers through its three websites.
After expanding significantly over the past five years, the business quickly outgrew its original premises on the Alexandria Industrial Estate in Cullompton, prompting Jeff and Keith to approach their bank, Lloyds TSB Commercial Banking, to secure the six-figure loan needed to relocate.
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Now based just off Junction 28 of the M5 in Cullompton, Jeff and Keith have benefited from the easily accessible location and the increased flow of customers has led them to launch new product lines and take on more staff.
Jeff said: "Keith and I both have a lot of experience in the tool retail industry and it was always our aim to eventually start our own business. When the opportunity to take over Tools UK SW arose, it was too good to miss.
"We have been thrilled with how much the business has grown over the years and the move to the new premises will be a crucial step in ensuring that this continues. The new premises are just off Junction 28 of the motorway, meaning they are very easily accessible and we have immediately seen the effects of the prominent location.
"The support from Lloyds TSB Commercial Banking has been outstanding and has really reaffirmed the importance of having a strong banking partner. After the relationship team helped us purchase the business five years ago we were confident that they understood our aims and ambitions and could help us in the next stage of our development."
Terry Fullick, relationship manager at Lloyds TSB Commercial, said: "Tools UK SW is a popular local business with a strong reputation that is rapidly expanding beyond the South West to a national level.
"When Jeff and Keith approached us, we were impressed with their clear and concise strategy for growth. It is encouraging to see a local firm thriving in what remains a tough economic climate for many businesses and the creation of new jobs is a really positive result for the local community. We make it our aim to establish strong working relationships with all of our customers and during 2012 we lent £13.2bn to SMEs like Tools UK SW."