Nationwide has agreed a deal via Reward Finance Group to release additional working capital to facilitate its growth plans as the business returns to, and exceeds, pre-pandemic activity levels
Adlington-based Nationwide Frame Services, which supplies and installs windows and doors for leading housebuilders, has obtained a £1m ($1.31m) working capital injection from Reward Finance Group.
Owned by brothers Paul and John King, the company employs 60 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 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.
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, he said.
Mike Calvert, Reward’s business development director North West, said: 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.