Contractor hopes to build on funding deal
BUILDING and maintenance business H.Timmins is set to take turnover to £1.7 million this year, after securing a £250,000 factoring facility from Lloyds TSB Commercial Finance.
The 20 year-old company, which is run by Harry Timmins and his wife Jayne, carries out construction, refurbishment and maintenance contracts for public and private sector clients including the Home Office, Interserve and supermarket chain Lidl.
The business is based in Gorton, east Manchester and employs eight staff.
The invoice discounting facility will allow the company to draw down the bulk of the value of invoices within 24 hours of raising them, which it said will help to fund growth.
Mr Timmins has said that he expects turnover to reach £1.7m by then end of 2012 and £2m by 2013 – up from £900,000 last year. He also hopes to take on three new staff members.
He said: “We wanted to ensure the business was in a strong position to capitalise on new opportunities in the construction marketplace and hopefully we will see further growth in the region over the next 12 months.
“The factoring facility has been intrinsic in supporting our organic growth and by ensuring our working capital is constantly boosted, we can further develop our training programme for staff and continue to work as flexibly as possible.”
Geoff Webster, regional manager at Lloyds TSB Commercial Finance, said: “The construction industry is seeing marginal growth and it is encouraging that Harry and his team are actively targeting expansion and adding to their workforce.”
