06 Mar Essex construction firm scales new heights with support from Lloyds
An Essex construction company has increased turnover and expanded its premises with the help of a six-figure funding package from Lloyds Bank Commercial Banking.
Excel Demolition and Groundworks is an industry-leading contractor offering services including construction, interiors, waterproofing and steel fabrication.
The company took out an invoice factoring facility with the bank to support its working capital, enabling it to take on new clients and expand its team in response to growing demand.
The Chelmsford firm, which was established in 2010, has already been able to take on three new clients as a result of Lloyds’ support.
It has also recruited three new senior team members – a commercial manager, operations manager and site engineer – to its 60-strong workforce, which has already increased profit, and invested in London office space to better serve its client base in the capital.
The funding forms part of Lloyds’ expected lending of up to £1.7billion to businesses in the East of England in 2020.
Managing Director Daniel Robertson said: “The support from Lloyds has helped us to grow and to realise our ambitions for the business. We knew the strength of our company and that it had enormous potential, and just needed someone from the outside to show faith in our project.
“That’s exactly what Lloyds has done, and being able to take on new clients as well as bolster our workforce has made a massive difference.”