CHERRY picker manufacturer Tanfield has raised around £12m from a share placing.
The Washington-based firm said the cash would be used to tackle issues in the supply chain which has take its time to recover after the recession in the construction sector.
Chief executive Darren Kell said: “The additional working capital raised by this placing will help to alleviate the bottlenecks within our supply chain allowing us to increase throughput, reduce lead times for customers and generate purchasing efficiencies.
“As a result, we believe it should accelerate our return to profitability and help to cement our position as one of the leading global manufacturers in the aerial work platform industry.”
Tanfield, which sold the majority of its electric vehicle making business to its US associate company at the start of last year, said its ability to meet orders is currently restricted by working capital constraints and the supply chain bottlenecks.
