03.09.2004

AFI gets financial boost

AFI Aerial Platforms has completed a £1.5 million fund-raising process with venture capital firm, Northern Venture Managers (NVM).

AFI plans to use the investment to expand its current 1,600-strong aerial platform fleet and open a further three depots, two already confirmed as Newport South Wales and Southampton, taking the firm’s total up to 12 UK depots.
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(L-R) David McNicholas of Deloitte & Touche, with David Shipman, Nick Selley and David Ridge of AFI in Sept 2004

“We have exciting plans for the future and NVM’s investment in AFI will help create a stronger business, so that we can expand geographically and grow our rental fleet at a faster rate,” said AFI managing director, David Shipman.

The latest purchase by the company includes 135 scissors of various types from Canada-based producer, Skyjack and takes the fleet from the current 1,250 units to 1,600 units by the end of September.

The funding by Northern Venture Managers includes an equity injection effectively giving the new investor a 25 percent stake in AFI. The company was founded in 1998 by Malcom Bowers as Aerials for Industry and built into a strong regional player.

In 2002 David Shipman and Geoff Gibson joined the business in a Management Buy-In. Since then, AFI's revenues have trebled with annual sales increasing from £2.2 million to £7.5 million.