Stuarts Industrial Flooring secure refinance package

Deal summary

Stuarts Industrial Flooring Ltd has changed banks for the first time in over 100 years to secure a £7 million refinance package.

Having weathered a challenging market during the recession, the firm has retained its position as the largest independent UK contractor in the industrial flooring sector. The finance restructure was advised on by Birmingham based Roy Farmer of Dains and arranged by Richard Smith from Lloyds TSB’s Corporate Markets team and is intended to support the business’s growth as the economy recovers.

Headquartered in Tamworth, Staffordshire, Stuarts Industrial Flooring delivers close to two million square meters of precision concrete floors every year, primarily to the industrial warehouse market. Stuarts has recently benefitted from contract opportunities for London 2012, regularly works on projects for all the big-name supermarket brands, and was responsible for the installation of the 30,000m² heated floorslab at Gazeley’s sustainable warehouse development in Chatterley Valley.

As well as providing specialist support across the UK from its four dedicated offices in Tamworth, Edinburgh, Boroughbridge and Southampton, Stuarts has also broadened its business reach into Scandinavia over the last 12 months, delivering almost 100,000m² of flooring in the region to date. Privately-owned, the firm has an annual turnover approaching £30 million and directly employs a team of almost 200 personnel.

Stuarts has maintained its position as a market leader through continual investment and innovation. To complement its core business of in situ concrete flooring, the firm offers a total flooring solution, including concrete slab, under-floor heating and cooling systems, as well as screed and floor finishes.

What our clients said

Managing Director, David Harvey, explains how refinancing the business will aid future growth: “The recession was a difficult time for us, as our core business comes from new-build industrial developments and construction of this kind slowed considerably. We’re now seeing the market starting to pick up again and with this come opportunity for us to work on a wide variety of specialist contracts, both in the UK and increasingly overseas.

“We reviewed the banking market with Dains, our business adviser, and it was clear that Lloyds TSB was prepared to go the extra mile to understand our business. Richard Smith and his team have done just that, tailoring a funding package that will enable us to provide core business support and look towards the future development of the business.”

What we said

Roy Farmer, Corporate Finance Partner at Dains, who advised on the re-financing along with his colleague Chris Beardsley, comments: “Stuarts Industrial Flooring has been an important feature of the Midlands business landscape since it first established a base here some 80 years ago. Its position as the leading independent contractor in its field is a testament to the strength of its management team. We’re pleased to be working with such a respected local business and look forward to building on this relationship for many years to come.”

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