Bibby Financial Services boosts cashflow for interior fit out company
Ambitious Portsmouth SME agrees £250,000 funding injection with specialist funder
Business: G&E Projects Ltd
Funding line: £250,000
Based in Portsmouth, G&E Projects Ltd, is a local interior fit-out company specialising in internal refurbishments covering partitions, ceilings, internal finishes and joinery. Customers include private commercial enterprises as well as public sector contracts for schools, hospitals and student accommodation. As the company works across the UK from its office in Portsmouth, it needed to prove it had significant cashflow to support large contracts.
In order to achieve its funding needs, G&E Projects has entered a funding deal with specialist construction funder, Bibby Financial Services (BFS), to support the firm’s cashflow needs.
Operating in the construction sector where typical contracts can be up to 70 days, the business needed a solution to its cashflow problems. Without the funding the firm could not take on the work it wanted and go for further growth. Since working with BFS’s Construction team, the company has been free to take on more work and move its offices.
CEO Martin Mallon is now planning to open a second office in London to take on more projects.
Martin Mallon, CEO, G&E Projects explained: “Much of our work relies on lengthy payment terms and we bring in subcontracted support to work across a number of sites.
“Therefore it’s vital we have cashflow that can support our work and meet our own payment obligations. Without the necessary funding we wouldn’t be able to get the contracts that we do whether they’re for schools, hospitals or student accommodation.
“Without BFS’s support we couldn’t achieve what we set out to do. We opened our doors 18 months ago and this year we’ve grown fast. With BFS’s support we’ve been able to think big and we are planning to grow by a further 25% next year.”
Helen Wheeler, Managing Director for Construction Finance at Bibby Financial Services commented: “When we began working with Martin and his team, it was clear that G&E Projects had already achieved impressive levels of growth and was operating a sophisticated administrative accounting and contract system. It was clear to BFS that the company was itching to grow and realise its potential.
“Since then I’ve been thrilled to see the firm put our funding to good use and move from a converted office into a brand new office more suited to the company’s growth potential. Not only has this been funded by their profits but has seen the business leap into an even better position as a commercial business able to take on bigger and better contracts.”