Ensor lands £4m for buying spree

BUILDING products firm Ensor has secured a £4m facility from Lloyds Bank which it said would help to provide working capital and fund an ongoing programme of acquisitions.

The Wythenshawe-based company, which has divisions providing fencing products, automatic doors, tools and specialist surfaces for use in parks and playgrounds, said that it has made robust progress in terms of rising sales and operating profits despite difficult market conditions. In the six months to September 30, it reported a 146% increase in operating profits to £463,000 and an 8% rise in sales to £10.8m

The pre-approved facility will make it easier for Ensor to complete acquisitions quickly.
Roger Harrison, chief executive officer of Ensor Holdings, said: “We have a strong cash flow and a well-controlled cost base, which means we are in a strong position to acquire compatible businesses that would add strategic value to the group. It is something we are actively considering and will continue to review.

“Our strategy to combine organic growth with selective acquisitions will ensure our long term future and heralds an exciting new period for what is already a long established business.

Tony Buchan, relationship director for Lloyds Bank Corporate Markets in Manchester, said: “Ensor has a fantastic heritage in industrial supply and manufacturing and has traded exceptionally well through very difficult economic circumstances.

“Ensor has been trading in the construction and manufacturing sectors for over 130 years and we are delighted to bring such a distinguished business into the Lloyds Bank Corporate Markets portfolio.

“Pre-approved acquisition facilities have all but disappeared from banking in the past few years so this decision demonstrates our commitment to support businesses with a strong balance sheet and the right management team.”