Terry Harris and Sons is a prestigious construction company based in Wadebridge in Cornwall, specialising in housebuilding, renovations, civil engineering, and landscaping.  It also boasts its own in-house joinery workshop and spray facility.  Established for over 40 years, the business is still run as a family concern and has a team of more than 120 staff covering all aspects of trades required to deliver the perfect home.

Despite the uncertainty of the pandemic and a brief pause during the first lockdown, Terry Harris and Sons have experienced a sharp increase in the demand for homes in North Cornwall.

Given announcements in 2020 from the government, Terry Harris and Sons researched the various schemes available and was recommended Ignition in February 2021. It was apparent that maintaining cash flow within the company was key to weathering the very uncertain storm ahead. To this end, Terry Harris and Sons elected to maintain its strong financial position and use Ignition to arrange significant funding to renew various vehicles and plant. This was achieved efficiently through three separate lenders over a period of 9 months using the Coronavirus Business Interruption Loan Scheme (CBILS).

Steve Harris comments:

“By raising funds using the CBILS route we have been able to substantially increase liquidity within our firm. Smaller firms subcontracting to us benefit now from a two weekly settlement rather than normal thirty-day accounts. This strengthens our ability to source the required labour force to meet with the ever-increasing demand for construction services throughout Cornwall. The funds were readily available at each draw down with minimal paperwork and, given the CBILS is interest free for one year, it made perfect sense to take full advantage of the scheme.

“Ignition were recommended to us by a trusted business contact, and we can see why. The whole process has been very efficient, and the customer service is fantastic. It’s also great to deal with a local company that takes the time to understand your business. Ignition is the perfect example of a Cornish-based company with City horse-power!”

After 17 years in the survey and construction industry as a Senior Surveyor/Line Manager, Miklos Hajnal is taking the plunge and launching his own new business, Magellan Surveys Limited.  The London-based start-up will provide land and measured building survey information services to a wide variety of customers from private individuals to architects, developers, consultant engineers, local and regulatory authorities as well as the construction industry throughout the UK.

Ignition has successfully assisted Miklos with the launch of his new business by funding a crucial piece of surveying equipment. The Leica RTC 360 is an advanced instrument for scanning tall buildings and construction sites.  Miklos was able to obtain it on Hire Purchase as well as taking advantage of the Super Deduction tax incentive announced by the government in March, which cuts tax bills by 25p for every £1 invested and reduces taxable profits by 130% of the cost.

Miklos comments:

“If I had decided to hire this equipment, it would have cost me around £1,200 per week + VAT.  With Ignition’s package I pay £700 per month for five years and will eventually own it outright.  In addition, the super deduction tax break has made the deal even more attractive.”

Having first considered starting his own company in 2014, Miklos finally took the plunge after noticing the impact of the Covid19 pandemic and Brexit on his industry:

“Time spent on furlough gave me the opportunity to thoroughly research the market and put together my plans for the business.  I noticed that many skilled workers in the industry were from the EU and returning to their birth countries, meaning that demand for the services Magellan Surveys can offer is high.

“My industry experience and contacts put me in a really strong position to succeed with this venture.”

Miklos was introduced to Ignition and its services through G2 Surveys, a company that has recommended Ignition to its customers for many years and is highly regarded in the industry. 

Miklos adds:

“Working with the team at Ignition has been stress-free and convenient.  The new Leica RTC 360 is an excellent all-round piece of equipment which will be crucial to the launch of the business.”

For more information on Magellan Surveys, visit www.magellansurveys.co.uk.