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|Geo mines £500k invoice and stock finance facility from Aldermore|
|Tuesday, 15 November 2016|
Geo, a supplier of quality construction products which recently took ownership of the Little Ponton Quarry in Grantham, Lincolnshire, has agreed a £500,000 Asset Based Lending facility from Aldermore, the specialist lender and savings bank.
Geo extracts stone, washed sand, gravel and ready-mix concrete from its quarries, while its recycled aggregates department sources construction by-products which it turns into new materials, offering environmentally-friendly and cost-effective solutions for its customers.
The company was established in September 2015 and opened a 38 acre quarry with a 7.5 million tonne reserve of limestone in Grantham, Lincolnshire earlier this year.
The Asset Based Lending facility from Aldermore will enable Geo Quarries to continue the exploratory work that it recently began at the Grantham site, and specifically into an area of the quarry that is expected to yield a brick-like aggregate. Furthermore, the business intends to add new quarry locations and invest in its vehicle and plant fleet in order to better serve customers across the UK.
John Duffy, CEO of Geo Quarries, commented: “We are very proud of the sustainable solutions we have been able to create in all our core markets. For example, we have recently been approved as a supplier for highways in Northamptonshire as the stone from our quarry is a more sustainable alternative to the granite that is typically used in highway contracts. The facility from Aldermore will help us to reduce our carbon footprint and to grow the company further.”
Stefan Radymski, Head of Business Development, Invoice Finance at Aldermore, said: “John has a wealth of experience in quarrying, construction, civil engineering and property, and we’re confident that the business will continue to thrive under his leadership. Geo experiences a seasonal slowdown in production operations between September and February each year. The invoice and stock finance facility will not only help the company’s exploratory work in the Little Ponton Quarry, but also help the business to manage cash flow throughout the year. Now that the Geo has its facility, greater success is only a stone’s throw away.”
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