Invoice finance package will aid Davicon’s growth plans

ASSET-based lender Centric Commercial Finance has provided a £1m facility to Brierley Hill firm Davicon Mezzanine Floors.

The firm is part of the portfolio of GIL Investments, the private investment arm of Grove Industries, having being acquired from its parent company out of administration by the late David Grove’s company and management in 2009.

Davicon is a mezzanine floor supplier that manufactures in-house using the latest 3D-CAD/NC technology. It supplies businesses in sectors including retail, industrial, offices, warehousing and self-storage. 

The firm has been experiencing strong growth and will use the facility to fund further expansion.

Les Litwinowicz, chief executive of GIL Investments, said “The Centric team was quick to grasp what our business is about and come up with the funding solutions for us. We were impressed by the package they put forward in terms of both flexibility and swiftness.”

Rob Gilmore, business development director at Centric, said “Davicon is a profitable, cash generative business with a strong balance sheet, which allowed us to move swiftly to put in place a flexible invoice finance facility.”