Genpower, a Pembrokeshire-
based company that holds a licence to distribute Hyundai power equipment across the UK and Ireland, has reached its crowd-funding target a week early as it sought to raise funds to fuel further growth.
The business, which is celebrating the 10th anniversary of its establishment by Roland and Lisa Llewellin, has raised £105,000 through the Crowd2Fund platform.
Businesses pitching on the Crowd2Fund keep the raised amount even if the maximum target is not met.
In 2011, Genpower (
corporate.genpower.co.uk) reached an agreement with Hyundai Corporation to distribute Hyundai generators and water pumps throughout the UK to their network of dealers. The product range has since expanded to include pressure washers, air compressors, hand tools, power tools, industrial vacuum cleaners, light construction equipment and a wide range of garden machinery.
Genpower has recorded strong growth in the last few years, with a turnover of £6.2 million for the 2015-16 financial year. Annual sales are forecast to reach £20 million by 2021. Staff numbers have also risen, and it now employs more than 50 staff at its Pembroke Dock headquarters.