Plans for 18 new jobs at Milford firm following £750,000 finance deal
12:50pm Wednesday 18th September 2013 in Milford Mercury news
NEARLY 20 jobs look set to be created at a Milford Haven-based firm over the next two years, after it secured a £750,000 finance package to support ambitious growth plans.
Genpower - the Milford Haven-based UK distributor of Hyundai Power
Equipment - secured the package from HSBC’s south east
Wales commercial team.
After signing a deal to become Hyundai’s only distributor of its power
equipment range across the UK and Ireland, the company
plans to increase its turnover by 50% over each of the next two years and
nearly double staff numbers from 22 to 40.
Turnover at the business is forecast to hit £3.1 million this year, up from
£1.7 million in 2012.
Genpower initially secured the contract to distribute Hyundai petrol and
diesel powered generators, high pressure washers, compressors and water
pumps on a wholesale basis.
Under the latest deal, the company also assumes responsibility for the sale of a wide range of Hyundai garden machinery.
The new agreement opens up a significantly larger market and Genpower plans
to become a major supplier of power tools in the coming years.
The finance package provided by HSBC includes trade finance facilities to
support the import of stock from Hyundai and invoice finance facilities.
Genpower was established in 2006 by Managing Director Roland Llewellin,
following the sale of his haulage business.
The business initially focused on selling its own brand power tools and generators, Evopower.
It established its relationship with Hyundai in 2008 and switched to a wholesale model last year.
Mr Llewellin said: “Our relationship with Hyundai has grown steadily since 2008 and we are now responsible for distributing their entire range of power equipment across the UK and Ireland.
“Having a finance facility to support our growth plans is important and that is why we are pleased to have secured this latest package with HSBC’s south east Wales commercial team.”