Dains performs due diligence for Co-operative Bank
Derbyshire-based SV Timber has doubled the size of its premises after securing funding from Co-operative Bank's corporate banking centre in Nottingham. Dains Corporate Finance was responsible for completing a full due diligence review on the firm.
The timber merchant has moved from Crompton Road in Ilkeston to a newly refurbished, 22,000 sq ft site on Belfield Street in the town. Founder Ed Holder said the six-figure loan has allowed him to retain 17 jobs in Ilkeston and to assume sole ownership of the business he started in 2004. The £3m-plus turnover company switched its business banking to the Co-op in January 2012. Prior to this, SV Timber had banked with NatWest for two years.
What our client said
Ed Holder commented “SV Timber has been based in Ilkeston for seven years, but had outgrown its base in Crompton Road and with thanks to the support of the bank we have been able to relocate to new premises, with twice as much space than before and we have been able to retain 17 local jobs, which may not have been possible if we had been forced to relocate outside of the area."
What we said
Roy Farmer of Dains Corporate Finance commented: "We love to support local deals such as this as it could be the flash point for bigger and better things for SV Timber. Not only that buy we can gain a real insight into the business and people that work there – it builds a nice starting point to what could be a very good relationship and as such, we will maintain close contact with SV Timber for any future transactions that may be on the horizon.
We produced a focused due diligence report which helped the Co-operative Bank get comfortable with their key issues, which in turn anabled the, to provide SV Timber with the finance required."