Styles&Wood, the Manchester-based integrated property services and project delivery specialist, has moved its full banking over to Barclays and secured a £3m working capital facility to support the future growth of the business.
The deal was led by Mark Sheldon, Corporate Development Director for Barclays in Manchester, Dion Hirst (Relationship Director) and Neil Dobson (Director, Trade and Working Capital).
Styles&Wood are an AIM listed company that recently secured investment from Henderson Volantis and the Business Growth Fund. They have continued to perform well in 2015 with a 37% increase in H1 revenue from £33.6m to £46.2m, which is at its highest level for more than five years.
Chief Executive Tony Lenehan said, “Our new financial arrangement marks a milestone for Styles&Wood as we continue to pursue our growth agenda. As a long-term property services partner to Barclays, we have existing synergies with the bank. They spent a number of years building a relationship with us, and were able to structure a funding package that suits our long-term needs.”
“We’re confident that the sectors in which we operate are continuing to provide sustainable sources of new business and with our new banking partner on board we now have access to additional funding to support our growth strategy. I would like to thank Barclays for their enthusiastic support for our business.”
Mark Sheldon commented “Styles&Wood’s current management team has done a fantastic job in broadening the business’ customer base and streamlining its operations. As a result it is now a strong business, with corporate values very much aligned to our own and well placed to benefit from the renewed confidence we are seeing across many of their key sectors.”
“Styles&Wood is a well-known national business headquartered in the North West and one which we are proud to be associated with. This new funding deal demonstrates our commitment to their future growth and success.”
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