Specialist civil engineering firm, Chiltern Thrust Bore, has purchased a new directional drilling machine with a £185k asset finance package from Yorkshire Bank.
The new Vermeer D36X50 Horizontal Directional Drilling (HDD) rig will replace an older model and help the firm keep up with increased demand. It is one of several machines Chiltern Thrust Bore has acquired with funding from Yorkshire Bank.
The firm specialises in ‘no-dig’ drilling with trenchless technology and employs 14 people from its base in Olney, Milton Keynes. Husband and wife team, managing director Andy Howe and company secretary Louise Howe, run the business along with operations director Lawrence Vannan.
When Andy started working in construction 28 years ago, trenchless technology was a relatively new concept. This allows construction work to be carried out on underground infrastructure with minimal disruption to traffic, business and other surface activity. Eight years after Andy entered the industry, he used his specialist experience to begin his own ‘no-dig’ company in 1993.
Chiltern Thrust Bore operates throughout the UK and has worked on major projects including the Olympic Games and Silverstone Race Track. More recently, the business constructed a 2.5km pipeline for Yorkshire Water.
The new finance package was arranged by Matthew Blessed, relationship manager at Yorkshire Bank’s Business and Private Banking Centre in Northampton. Chiltern Thrust Bore has been a customer of Yorkshire Bank for 21 of the 22 years it has been established. Andy Howe puts the long relationship down to having his own personal relationship manager.
He said: “Yorkshire Bank differs from other banks in that you don’t have to speak to an anonymous person in a call centre to get advice. You receive your own personal manager who knows your business and where you are looking to take it. We’ve always received a high-quality service from the Bank.
“Not only will this new rig provide increased capacity, it is more environmentally and user-friendly than the model it is replacing.”
Simon Moore, Head of Yorkshire Bank’s Business and Private Banking Centre in Northampton and Cambridgeshire, said: “It’s great to be able to support the growth of a local business that holds a wealth of specialised experience along with an impressive project portfolio.
“As economic conditions continue to improve, Yorkshire Bank remains focused on supporting the growth ambitions of businesses in the Midlands.”
Yorkshire Bank has strengthened its support for UK SMEs by becoming the first to partner with the British Business Bank under its ENABLE Guarantees scheme. Up to £125m of new lending by Yorkshire Bank, guaranteed by the British Business Bank, will help more small businesses achieve their growth ambitions.