Suffolk: SEH Group secures £9.4m package from Lloyds Bank under Funding for Lending Scheme
PUBLISHED: 10:01 20 February 2014 | UPDATED: 10:01 20 February 2014
The Suffolk-based SEH Group, a major supplier to the construction sector, has secured a £9.4million funding package from Lloyds Bank Commercial Banking to enable the business to continue its growth and expansion.
The lending facility has been provided using funding from the Government-backed Funding for Lending Scheme (FLS), which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment.
The funding package provides additional capital which will help to support the continued growth and market expansion of SEH, and help it to win new contracts across its trading divisions.
Most recently, the group has secured new business wins with the Environment Agency for its new WEM (Water and Environmental Management) framework contract to supply flood and costal defence works, as well as the Highways Agency, which will see the group carry out major repair and maintenance work on some of the UK’s leading road networks including the M25.
SEH, which was established in 1971 and now employs more than 500 people, offers building and construction services both to large-scale construction and smaller domestic markets. Its expertise spans civil engineering, building construction, construction services and home improvements.
The group’s national client base ranges from large government departments through to SMEs. The business has a particularly strong client base in the East Anglia region, which includes house builders Crest Nicholson and Persimmon, together with Suffolk County Council and Framlingham College.
SEH Group, which has an annual turnover of £115million, is a new customer for Lloyds Bank, after switching from its previous banking provider to secure increased working and development capital.
Richard Neall, chief executive of SEH Group, said: “This new funding package from Lloyds Bank further strengthens our medium-term financial position and provides us with additional flexibility and capacity for growth.
“Having recently teamed up with Lloyds Bank’s East Anglia-based team, they completely understand our banking requirements and are fully supportive of the Group’s future growth ambitions. Our tender order book is strong across all of our trading divisions, and we fully intend to maximise new contract opportunities brought about by the economic upturn throughout 2014 and beyond.”
Steve Harley, relationship director at Lloyds Bank Commercial Banking in East Anglia, said: “Despite the challenging economic environment, SEH Group has continued to thrive in recent years and is very highly regarded as Suffolk’s leading service provider to the building and construction industry.
“Headed by a talented and highly-respected management team that has continued to drive growth and profitability, the business typifies the type of company that is driving the UK’s economic recovery and we are committed to working with them to provide the backing they need to drive business expansion using a range of funding options, including Funding for Lending.”