Aldermore bank has provided a £750,000 Construction Finance facility to NP Services Ltd, a family run metal fabrication specialist. Based in Leicester, the company design and produce high quality metal products for the food and hospitality industries.
The business needed funding to fulfil a £1m contract to a major player in the food fit-out industry which incurred significant costs upfront. The funding provided by Aldermore has helped NP Services to purchase materials in advance.
Over the last two years and despite the Covid-19 pandemic, the company’s turnover has risen from £3.2m to £5m with profits also growing. The business has recently recruited seven new members of staff. It has a strong client base including major names among consumer goods, food manufacturers and supermarkets.
Shaun Bennett, senior relationship manager at Aldermore, said: “We’re delighted to have supported NP Services with this tailored facility. Our funding has given the business the confidence to be able to take on new work, knowing it has the capability to fund it. We’re looking forward to seeing the next stage of NP Services’ growth and continuing our strong relationship with them.”
Andy Warren, finance director at NP Services, said: “Aldermore’s funding is enabling us to win work, grow the business and pay down debt. Shaun Bennett and Andrew Hook from Aldermore’s relationship management team became like business partners to our business. They acted as a sounding board and it felt like they were on our side. It was just what we wanted.”