Styles & Wood gets £3m growth boost after banking switch

STYLES & Wood, the Manchester-based integrated property services and project delivery specialist, has moved its full banking over to Barclays and secured a £3m working capital facility to support growth.

The deal was led by Mark Sheldon, corporate development director for Barclays in Manchester, and Dion Hirst, relationship director, and Neil Dobson, director, trade and working capital.

Styles & Wood is AIM listed company and recently secured investment from Henderson Volantis and the Business Growth Fund.

It has continued to perform well in 2015 with a 37% increase in its H1 revenue from £33.6m to £46.2m, which is at highest level for more than five years.

Chief executive Tony Lenehan said: “Our new financial arrangement marks a milestone for Styles & Wood as we continue to pursue our growth agenda.

“As a long-term property services partner to Barclays, we have existing synergies with the bank. They spent a number of years building a relationship with us, and were able to structure a funding package that suits our long-term needs.

“We’re confident that the sectors in which we operate are continuing to provide sustainable sources of new business and with our new banking partner on board we now have access to additional funding to support our growth strategy.”

Sheldon said Styles & Wood’s  management team, had done a “fantastic job in broadening the business’ customer base and streamlining its operations”.