Partly Cloudy

Partly Cloudy

max temp: 25°C

min temp: 19°C

Search

Suffolk: SEH Group secures £9.4m package from Lloyds Bank under Funding for Lending Scheme

10:01 20 February 2014

From left, Richard Neall and Trevor Dixon of SEH Group with Steve Harley of Lloyds Bank Commercial Banking.

From left, Richard Neall and Trevor Dixon of SEH Group with Steve Harley of Lloyds Bank Commercial Banking.

www.nickstrugnell.com/UNP

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.”

0 comments

Police are appealing for witnesses

Suffolk Police are searching for a woman who has gone missing from Ipswich.

Fire crews called to eastbound A14

Motorists face queues on the A14 this afternoon after a vehicle fire brought traffic to a halt near Ipswich.

The Red Arrows were able to complete a shortened display at the Clacton Airshow.

For almost everyone it was the perfect summer day on the beach – blue skies immediately above, temperatures in the high 20s, warm sea water.

Tim Odgers on a recent trip to York Minster

Tributes have been paid to an “inspirational” former Stowmarket Middle School head teacher who has died of an aggressive blood cancer.

Duncan Goodhew at Swimathon 90 at Mid Suffolk Leisure Stowmarket in January 1990.

Shell suits, Fun-Fax organisers and yo-yos – all stuff you can look back fondly on if you grew up in the 90s.

Ben Gummer arrives in Downing Street.

In the fourth of five three-minute interviews, Ipswich MP Ben Gummer explains what his new job as Minister for the Cabinet entails.

Students at Stoke High School - Ormiston Academy celebrating their GCSE results this morning.

The outstanding GCSE results achieved by Ipswich schools this year are a promising step in the right direction, the town’s MP has said.

GCSE results day at Kesgrave High School. Jonathan Durston celebrates his results.

It is a very special day for Kesgrave star student and head boy Jonathan Durston - who discovered he had achieved 12 A*s and one A in his GCSEs this morning.

The unveiling of Major Henry Wigglesworth in Ipswich.

Today Major Henry Wigglesworth is back where he belongs after a lengthy stay in hospital.

Martlesham Heath and Adastral Park

Martlesham Parish Council has outlined its opposition to the proposed devolution deal for Suffolk and Norfolk.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24