Funding package brings structural changes to Wolverhampton firm
RELOCATABLE Structures has moved into new premises in Wolverhampton after receiving a £355,000 finance package from The Royal Bank of Scotland (RBS).
Additional funding was raised by advisory firm Central Finance.
The firm, a specialist in relocatable structures and semi-permanent buildings sys it now has additional storage and has made financial savings after moving to an industrial park in Fernside Road in Wolverhampton.
RBS provided a commercial mortgage for Relocatable for their new premises while Oldbury and Birmingham-based Central Finance raised a six figure sum for R&D, new machinary, infrastructure and funding for the business to grow.
The family run business has been going since 1993 and is run by husband and wife team David and Sara Morris.
The company provides marquees, sales and marketing suites, showrooms and sports and leisure structures that are used on a temporary or long-term basis.
It has forged links with high profile clients such as the BBC and The Merlin Group as well as providing sales and marketing suites for Taylor Wimpey, Nicholas King Homes and David Wilson Homes, amongst others.
The firm’s 8,000 sq ft premises is currently being extended to more than 10,000 sq ft to include state of the art offices and storage space.
To purchase the premises, RBS provided a loan of £280,000 plus a £75,000 VAT line.
David Morris said: “Demand for our services has considerably increased over the years and we were in need of additional storage to house our compact structures when not in use.”
Adam Woodall, RBS relationship manager, said: “Supporting SMEs like Relocatable Structures is rewarding as it enables them to move their business forward and grow.”
Alison Bradley, managing director at Central Finance, said: “Understanding the client, their needs, their business model, their financial history and where they wanted to go and more importantly having expert knowledge of the commercial finance market was key to achieving the right package for their business.”
