Funding deal boosts plumbing firm’s growth plans following MBO

Image by Steve Buissinne from Pixabay

OakNorth Bank has provided a bespoke debt finance facility to FDBC Holdings, part of Neil Shacklocks, one of the largest plumbing, heating and electrical contractors in the UK.

The transaction follows an MBO in June 2020 which saw the full transfer of shares to the firm’s new owners.

Headquartered in the Nottinghamshire market town of Sutton-in-Ashfield and incorporated in 1968, Neil Shacklocks undertakes installation projects throughout the East Midlands and South Yorkshire regions.

The company specialises in servicing residential new build developments, social housing refurbishments and commercial properties, including extra care developments and purpose-built student accommodation units.

Its client list includes some of the largest, blue-chip housebuilders, including Taylor Wimpey, McCarthy & Stone, and Barratt Homes, with previous notable projects also including Barcelona’s Olympic Village complex, Centre Parcs’ Thetford site, the Don Valley Stadium and the Folkestone’s Channel Tunnel complex.

Chris Hodgson, managing director of Neil Shacklocks, said: “Since Neil Shacklocks launched over five decades ago, it has managed to build an extensive and highly impressive client book, serviced by a dedicated and forward-thinking professional team. The business is continually looking to improve its performance and with sales in the plumbing and heating supply chain increasing dramatically following the pandemic, we’re confident Neil Shacklocks is set to thrive moving forward. We are grateful for the support we received from the team at OakNorth Bank, who were transparent and entrepreneurial in their approach. The funding will allow our new management team to pursue our corporate strategy, which will focus heavily on strengthening efficiency.”

Dale Cowdell, associate director of debt finance at OakNorth Bank, added: “I’ve known Neil Shacklocks for nearly a decade and in this time, the business has truly cemented itself as a leader in the plumbing, heating and electrical services industry. It has the reputation of being one of the best and largest contractors operating throughout the East Midlands and South Yorkshire since its launch over 50 years ago. With the sector set for significant growth over the next five years, Neil Shacklocks is in a prime position to capitalise on this opportunity. We are delighted to have been selected as the firm’s funding partner to support its growth journey and we look forward to strengthening our relationship with them in the future.”

OakNorth Bank was advised on the transaction by Harrison Clark Rickerbys.

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