Chorley window and door business plans for growth with £1m cash injection from Reward Finance Group
Nationwide Frame Services, which supplies and installs windows and doors for leading housebuilders, is targeting strong business growth in 2022 and beyond with help from a £1m working capital injection from Reward Finance Group.
Owned by brothers Paul and John King, the company employs 60 people and is celebrating its 25th anniversary this year.
Despite the well-publicised challenges in the UK construction market over the last two years, chiefly due to pandemic restrictions and supply shortages, the company has continued to deliver contracts to a loyal customer base including Bellway, Taylor Wimpey, and David Wilson Homes.
Investing for the future, Nationwide has agreed a deal via SME funding specialist, Reward Finance Group, to release additional working capital to facilitate its growth plans as the business returns to, and exceeds, pre-pandemic activity levels in a buoyant housing market.
Nationwide was introduced to Reward by Wane Group, led by management consultant and former rugby league player and coach, Shaun Wane. Wane Group worked in collaboration with the recently appointed company accountant Mike Hickman of Practical Business Solutions (NW) Limited, who worked together to find the best funding solution for the company’s needs.
Director of Nationwide Frame Services, Paul King, said, “Like many in our sector, our turnover was impacted by COVID over the last two years because construction sites were initially closed, hitting build schedules, followed by supply chain issues. Despite all of this we remained profitable throughout.
“However, it did have an impact on our cash flow, and we were keen to release money tied up in invoices, as well as having additional working capital to buy increased levels of stock to meet the growing demand.
“Mike, together with Wane Group, put us in touch with Reward as they knew they had a pragmatic and flexible approach to lending. We met with Mike Calvert from Reward who was impressed with the quality of our product range, the skilled team and blue-chip client list, and quickly supplied us with the funds we needed to push forward with our plans.”
Mike Calvert, Reward’s business development director North West, added, “Construction industry suppliers have faced some of the toughest challenges over the past couple of years because of the pandemic. However, the future is bright, as the UK urgently needs to build new homes, and Nationwide is perfectly placed to work with housebuilders to meet the demand.
“We were therefore happy to provide the £1m facility via our Asset Based Solutions product, which uses a number of assets as security, to provide the springboard for their next 25 successful years.”