Finance secured from Bank of Scotland
Roofing firm raises funds to expand in south
Weatherproofing Advisors has secured a £1.2 million invoice discounting facility from Bank of Scotland, which means it can access up to 90% of the value of an issued invoice, usually within 24 hours of it being raised.
Finance director Colin Henderson said: “The new working capital facility gives us a solid platform from which to grow the business further.
“In the construction industry, payment terms are not always favourable, so having quick access to an element of our debt book is absolutely fundamental to our growth.
“This is an exciting time for the business. The market is a lot healthier than it has been for the last five or six years and has really picked up in the last 12 months.”
Weatherproofing Advisors’ core business is the installation, repair and maintenance of commercial buildings and it has worked on high-profile projects including Euston Station in London, Aberdeen Airport and Glasgow Royal Infirmary.
The business, which expects turnover to rise from £11m last year to £20m by 2020, was founded in 1987 by chairman John Kelly who was also part of the five man team that completed a management buyout of the business in 2013. It now has 115 staff in Blantyre, St Helens, Newcastle and London.