Geo Quarries looks ahead to growth with £500,000 investment

GEO, a supplier of construction products headquartered in Leeds, intends to add new quarry locations and invest in its vehicle and plant fleet after securing a £500,000 invoice and stock finance facility.

The company, which recently took ownership of the Little Ponton Quarry in Grantham, Lincolnshire, has agreed the asset based lending facility from Aldermore.

Geo Quarries extracts stone, washed sand, gravel and ready-mix concrete from its quarries, while its recycled aggregates department sources construction by-products which it turns into new materials, offering environmentally-friendly solutions for its customers.

The company was established in September 2015 and opened a 38 acre quarry with a 7.5 million tonne reserve of limestone in Grantham, Lincolnshire earlier this year.

The lending facility from Aldermore will enable Geo Quarries to continue the exploratory work that it recently began at the Grantham site, and specifically into an area of the quarry that is expected to yield a brick-like aggregate.

John Duffy, CEO of Geo Quarries, said: “We are very proud of the sustainable solutions we have been able to create in all our core markets. For example, we have recently been approved as a supplier for highways in Northamptonshire as the stone from our quarry is a more sustainable alternative to the granite that is typically used in highway contracts. The facility from Aldermore will help us to reduce our carbon footprint and to grow the company further.”

Stefan Radymski, head of business development, invoice finance at Aldermore, said: “John has a wealth of experience in quarrying, construction, civil engineering and property, and we’re confident that the business will continue to thrive under his leadership. Geo experiences a seasonal slowdown in production operations between September and February each year. The invoice and stock finance facility will not only help the company’s exploratory work in the Little Ponton Quarry, but also help the business to manage cash flow throughout the year. Now that the Geo has its facility, greater success is only a stone’s throw away.”