A South Lanarkshire roofing company is eyeing further expansion across the south of England after receiving a seven-figure funding package from Bank of Scotland.
Blantyre-based Weatherproofing Advisors has secured a £1.2 million invoice discounting facility with the lender, which means it can access up to 90 per cent of the value of invoices, usually within 24 hours of raising them.
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.”
Henderson said that Weatherproofing Advisors, which was founded in 1987 and has 115 staff spread across sites in Blantyre, London, Newcastle and St Helens, has a turnover of £14 million and is targeting sales of £20m a year by 2020.
“Developing our presence in the south of England has been a big factor in our recent growth,” he added.
“We opened our base in London in 2012 and it has proved a huge market for us.”
Craig McSporran, relationship director at Bank of Scotland, said: “Weatherproofing Advisors is a dynamic, growing business and we are more than happy to welcome the firm as a new customer.
“We are committed to supporting the ambitions of strong Scottish businesses and this type of invoice finance facility is ideal for fast-growing firms in industries where cash flow can be restricted by longer payment terms.”