Funding deal opens the taps for water management firm
A civil engineering business specialising in water management services has expanded into larger premises following a new finance deal.
Bromsgrove-based Watertight Management has opened new offices at Saxon Business Park after being backed by Santander Business Banking.
Watertight Management began in 2010 after joint owners Tom Collings and Paul Castle decided to combine their experience in the water and utility industries. Since then the business has established itself in the field of water management services.
In the last three years the business has grown substantially, to 21 employees and 17 vehicles. Turnover and profitability has also seen year on year growth, increasing by 52% from March 2016 to March 2017 – the equivalent of £1.01m.
The business has also been successful in winning new clients, including contracts for the renewal of clean drinking water infrastructure for Severn Trent Water. It further runs numerous repair and maintenance contracts throughout the UK for various water companies. Beyond this it undertakes a broad cross section of works through its various operating arms, including civil engineering schemes throughout the UK.
The business also specialises in clean water leakage detection and network validation through to repair and maintenance for clients including the Ministry of Defence, major UK water companies, the Government, local authorities, businesses, house builders and housing associations, and domestic users.
The £522,000 funding package from Santander has enabled Watertight Management to purchase its new premises at Clearwater House. The new location will ensure it can better meet demand and provide the business with the space and capacity to continue to grow, as well as invest in its IT infrastructure.
Tom Collings, Director, Watertight Management Ltd, said: “The new property will offer the right impression to the big blue-chip companies we work with and provide space for our increased numbers of staff.”
Chris Gagg, Business Relationship Director, Santander Business Banking, said: “Tom and Paul and the rest of the team at Watertight epitomise everything that a successful, growing SME business in the UK should be. To have been able to assist them with such an important part of their long-term planning with this property purchase is rewarding.”