£15m refinance for Pochin

CONSTRUCTION group Pochin has agreed a new £15m credit facility with Royal Bank of Scotland (RBS).

The announcement follows the recent take-private of the business led by chief executive James Nicholson.

The facility gives the Middlewich-based group £15.2m of investment and working capital. It did not say if the deal had involved switching lenders.

Mr Nicholson said: “We believe strongly that the take-private of Pochin was a key step in helping us prepare our business for a period of sustained investment and growth.

“Our new facility with RBS allows us to move forward in exciting market conditions, whilst continuing with the values forged over 80 years as a business noted for quality and service.”

Karen Johnson, head of real estate at RBS Manchester, said: “We are delighted to support Pochin, who are exactly the type of growth business we look to work with.  Its heritage, proven track record and future vision is an optimum mix.”