A Scaffolding Bonanza
Subject to making final investment decisions EDF have been given the go ahead by the European Union to commence building the new Hinkley Point C nuclear power station in Somerset.
The construction of Europe’s largest infrastructure project has been estimated to cost £24.5 billion and will create 25,000 jobs. It is expected that 900 permanent jobs will be required for the running of the power station, once built.
The impact on the local economy will be massive and on-going. Benefits will accrue to the construction industry, transport companies, the housing market and down the supply chain to retail businesses, B&Bs and pubs and restaurants.
With a long history of supporting the scaffolding industry, together with catering and retail outlets, locally based Armada Asset Finance is already planning for the impact that will occur in demand for additional support.
Armada was the first asset lender to show the scaffolding industry the benefits of financing tubes and fittings rather than, as previously, using rental contracts with suppliers.
Since the 2007 financial crisis the demand for funding scaffolding has steadily increased, partly because of Armada’s understanding of the industry and partly because of the speed of decision making. Armada is now perceived to be the UK’s foremost lender to this sector of the construction industry.
After the dramatic and prolonged flooding in the Bridgwater area of Somerset last winter, this boost to the economy of the area will be a significant encouragement.