Solar hopes to clean up with new bank loan

PRESTON-based cleaning services firm The Solar Group (UK) has said it plans to double turnover in the next year to £1.75m after borrowing £`150,000 from Lloyds TSB Commercial Finance.

The loan is an asset finance facility secured against future orders that will allow the business to buy more equipment and recruit extra staff to fulfil new orders.

The business was only set up last year and already employs around 130 people. Managing director Dave Ashmore said: “Since starting the company we have experienced fantastic demand for both the floor cleaning and the contract cleaning services we offer.

“We were eager to capitalise on this demand by branching out nationally, as well as diversifying our service by launching a dedicated school cleaning firm. However, we found that in order to sustain growth and secure contracts, we needed a steady flow of working capital.

Ashmore said that the “certainty of funding” the asset finance deal provided meant the firm was “in an excellent position to reach our turnover targets over the next three years”.

Geoff Webster, regional manager at Lloyds TSB Commercial Finance, said: “Solar has done extremely well in its first year of trading and this is testament to the company’s strong business model, and its recognition of a gap in the market for high quality cleaning services.”