Street Crane commended by UK Chancellor
The UK’s Chancellor of the Exchequer, George Osborne, visited manufacturer Street Crane last week to applaud its success as an exporter of crane and hoist products.
Around 70 percent of Street Crane’s £25 million turnover goes to export markets. Most of this comprises crane kits, the electro mechanical crane elements such as hoists, carriages and controls that are more easily exported. The company ship these to a network of 70 international partners, most of whom are crane makers who fabricate the heavy crane structures locally.
A package of technical and marketing support is provided to overseas partners. This includes access to Street Crane’s own design software and expertise so that partner companies in developing countries are able to fabricate crane bridges to UK and European standards. Many also use the company’s branding alongside their own on the completed cranes.
During his visit, the Chancellor took the opportunity to reveal an innovative scheme whereby the government, through the Bank of England, will make low interest funds available to banks. This is on condition that they are used to make lower cost loans directly to UK business.
“Many UK engineering businesses are finding it difficult to raise funds for capital investment in equipment,” said Street Crane chairman Martin Street. “Let’s hope that this scheme makes it easier for these companies to invest in new cranes and we can then see a revival of the fortunes of our UK crane sales and the manufacturing sector generally.”
Street Crane may have some interest in the new scheme as work is to start soon on a new 20,000 square foot factory that will double hoist production, with the bulk of the output destined for overseas.
Pictured, from left: Ian Jackson, financial director; Chris Russell, director; Andrew Bingham MP; George Osborne; Martin Street, chairman; Chris Lindley-Smith, sales director; Ian Todd, production director.