A provider of products and services for the building, plumbing and electrical industries has secured a funding package from Lloyds Bank Commercial Banking to support its growth ambitions.
Grant & Stone, a family-run business headquartered in High Wycombe, has 29 branches located across the Thames Valley.
Following an increase in demand for its products, the business approached Lloyds Bank for a seven-figure working capital facility to help it invest in its strategic expansion plans.
The funding package follows on from Grant & Stone’s management buyout in November 2019, which saw its founding shareholders exit the business and Cairngorm Capital partnering with its existing management team, led by Nick House.
Grant & Stone currently has a turnover of £98 million and employs more than 300 people across its sites in the Thames Valley.
Nick House, Grant & Stone’s chief executive, said: “After securing investment and putting plans in place to accelerate our expansion we’ve experienced significant growth. The latest funding package will enable us to meet the demand for our products and services, and we look forward to continuing to drive market share and expanding our offering.
“We have worked with Lloyds Bank for more than three decades, and the team has always been by our side throughout, supporting our banking needs and helping to identify funding solutions to meet our growth targets.”
Stuart Whiteford, Cairngorm Capital, said: “It has been a pleasure working with the Lloyds Bank team for a second time in the last six months, particularly under the tight timescales of the transaction.
“We are delighted to contribute the investment funding and industry expertise to support Grant & Stone in the next stage of its growth.”
Martin King, director at Lloyds Bank Commercial Banking, said: “Grant & Stone is one of the region’s standout success stories, having established itself as a market leading builders’ merchant.
“For firms looking to drive growth, working capital is paramount. The funding package we’ve provided to Grant & Stone will enable it to invest in its future, which all forms part of our commitment to helping Britain prosper.”