Concrete pumping firm Pochin secures £2.4m funding package

TAMWORTH’S Pochin Concrete Pumping has agreed a funding package totalling £2.4m with Centric Commercial Finance.

The asset-based lending facility will refinance its existing facility and provide additional headroom to enable the business to expand its operations.

The £2.4m package comprises a £2m invoice discounting line, a £300,000 plant and machinery loan and an additional £100,000 cash flow loan. The transaction was introduced to Centric – based in Colmore Circus in central Birmingham – by London firm Alcyon Financial.

Since starting with a single concrete pump in 1969, today Pochin Concrete Pumping operates the largest wholly owned fleet of mobile concrete pumps in the UK and is the only company of its type with national coverage.

Notable projects include pumping up to 42 storeys on Citigroup’s Tower site at Canary Wharf and pumping horizontally for two kilometres on the T5 Terminal underground extension at Heathrow.

The company was historically part of Pochins PLC but has undergone a demerger.

John Stone, managing director at Pochin Concrete Pumping, said: “Centric quickly gained an understanding of our business and our needs. The facility they delivered gives us the level of financial headroom that is not only vital for everyday trading, it also allows us to expand our business.”

Tim Hawkins, commercial director at Centric Commercial Finance, said: “We are very pleased to have the opportunity to support such a long-established business. We have backed a company with a very capable and experienced management team, a sound customer base and strong underlying assets.”