North East construction firm secures £12m to reshape business following challenging year
A North East construction firm has secured multi-million pound funding to support it through a challenging period.
Construction company Tolent has secured a £12m asset based lending (ABL) facility from Independent Growth Finance (IGF).
The asset-based funding was delivered at pace by IGF to provide the working capital and the flexibility needed to support the business through the closure of its southern business during the pandemic.
Andy McLeod, CEO of Tolent, commented: “There’s no denying that 2020 was a challenging year for us and many more within the industry. We have dealt with the reality of the pandemic bringing reduced site profitability across our portfolio and at the same time, feeling the strain of closing our southern operations which has been a difficult transition.
“However, with the last year now behind us, securing this funding is a hugely positive step and allows us to look forward and reshape the business accordingly over the next few years.
“I would like to thank all of my colleagues, our clients and supply chain partners for their commitment and support during this time and to the team at IGF for their expertise and assistance in putting this funding in place.”
Richard Spielbichler, ABL Director at IGF, added: “We are proud to support Tolent, enabling the business to continue to grow and deliver the type of projects that matters so much to a great many people.
“Unlike options offered by big banks, where access to funding is becoming increasingly difficult, asset-based lending will afford Tolent the necessary flexibility to navigate its next growth chapter and the challenges that come with it.
“It also provides the business with an opportunity to take full advantage of its current momentum and secure its future.”
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