Construction group set to double turnover
A construction group with bases in Stoke on Trent and Derby says it expects to see its turnover double by 2024.
Caxton Builders Midlands formed in 2010 to create brickwork subcontracting packages for blue chip construction companies across the UK.
Thanks to significant growth over the last 10 years, the group now encompasses four businesses that specialise in different areas of the construction market.
In August 2020, Caxton Group purchased Stofix UK – a ventilated brick façade system – resulting in it becoming the UK and Ireland’s sole distributor of the product.
The firm works with architects and external building contractors to create and design cladding panels for both commercial and residential developers. The panels are then manufactured off-site, making it easier to install, while reducing the on-site build time needed compared to conventional brickwork.
In March 2020, the majority of Caxton Group’s clients had to temporarily pause operations due to the pandemic. To ensure trading continued and that all 42 members of staff would receive full pay, the firm secured a £950,000 Coronavirus Business Interruption Loan Scheme (CBILs) via Lloyds Bank.
Thanks to the support, Caxton Group was able to re-start operations quickly once restrictions allowed and begin taking on new projects and clients.
To facilitate this growth and to support cashflow while waiting for invoices to be paid, the firm secured a commercial finance facility from Lloyds Bank. A further £500,000 funding package was also received, enabling the business to take on additional clients.
Now, Caxton Group expects to increase its turnover to £15m during 2021, up from £13.5m in 2020. It has also secured work until 2024, and expects turnover to double during this time, reaching £24m. To support these growth plans, the firm plans to hire 20 new employees.
John Webber, Group chairman at Caxton Group, said: “We’re quite early on in our new partnership with Stofix but we’re already seeing outstanding results. Our customers know that the service we offer is of high quality, and thanks to the loyal base of clients we’ve built up across all of the businesses, we’re in a great position to grow even more over the coming years.
“Thanks to the support from Lloyds Bank, we managed to have financial stability during what was a hugely challenging time. This meant we knew we could look after our staff, and clients, while gearing up for what is turning out to be a very successful year.
“We look forward to expanding more over the next few years and welcoming both new employees, and clients, to the business.”
Phil Poyser, relationship manager at Lloyds Bank, said: “Companies from all sectors, especially those that had to halt trading during the height of lockdown, have had significant hurdles to overcome. To see firms like Caxton Group not only survive but also thrive while supporting new jobs is just fantastic.
“We’ll continue to be by the side of business across the UK as they position themselves for a successful future and capitalise on growth opportunities for years to come.”