£1m working capital injection to help firm exceed pre-pandemic activity levels
A £1m investment will enable a windows and doors manufacturer to embark on a period of growth, with the aim of exceeding pre-pandemic activity levels.
Nationwide Frame Services, based in Chorley, works with housebuilders such as Bellway, Taylor Wimpey and David Wilson Homes.
It has received the working capital injection from SME funding specialist Reward Finance Group, having been introduced by Wane Group, led by management consultant and former rugby league player and coach, Shaun Wane.
Nationwide Frame Services was established by brothers Paul and John King 25 years ago, and now employs 60 staff.
Paul King said: “Like many in our sector, our turnover was impacted by COVID over the last two years because construction sites were initially closed, hitting build schedules, followed by supply chain issues. Despite all of this we remained profitable throughout.
“However, it did have an impact on our cash flow, and we were keen to release money tied up in invoices, as well as having additional working capital to buy increased levels of stock to meet the growing demand.”
He added: “We met with Mike Calvert from Reward who was impressed with the quality of our product range, the skilled team and blue chip client list, and quickly supplied us with the funds we needed to push forward with our plans.”
Mike Calvert, Reward’s business development director North West, said: “Construction industry suppliers have faced some of the toughest challenges over the past couple of years because of the pandemic. However, the future is bright, as the UK urgently needs to build new homes, and Nationwide is perfectly placed to work with housebuilders to meet the demand.
“We were, therefore, happy to provide the £1m facility via our asset based solutions product, which uses a number of assets as security, to provide the springboard for their next 25 successful years.”
