Plast-Tec Plastering Systems Ltd, a Sheffield-based construction business, has increased its turnover to £1.7m in the last year and taken on new customers with the support of an overdraft from Lloyds TSB Commercial Banking and a £100,000 factoring facility from Lloyds TSB Commercial Finance.
Plast-Tec provides a range of plastering and finishing services to construction contractors for a variety of refurbishment and building projects, from schools and new residential homes to retail premises and industrial buildings.
Recent projects include the refurbishment of 800 houses in Nottingham for Keepmoat in conjunction with Nottingham City Council and the Nottingham Energy Partnership. The aim of this Community Energy Saving Programme (CESP) was to make the houses warmer for residents and make them more energy efficient by applying thermally insulated plasterboard. Plast-Tec also carried out the drylining of Ironbridge Power Station in Shropshire, and a brand new fit out to the Pavilion Bar &Restaurant at Canary Wharf in London. Over the last two years, the business has doubled its turnover from £800,000 to £1.7m.
Founded in 2006, the business has grown from employing just five people to over 70, and last year moved to new premises near the Kelham Island Quarter. The company’s commitment to training has also been recognised by the Celebrating Construction in South Yorkshire Awards.
The factoring facility from Lloyds TSB Commercial Finance enables the firm to maintain a consistent cash flow by advancing up to 70% of the value of invoices raised. This has meant that the company has been able to take on new projects without having to wait for payment from customers.
Mark Rice, Managing Director, Plast-Tec Plastering Systems Limited, said:
We’ve been able to take the business from strength to strength in the last two years, doubling turnover and working on some exciting projects. Without the funding from Lloyds TSB Commercial Finance we would not have been able to expand so quickly and successfully.
Charlotte Jackson, Regional Manager for Lloyds TSB Commercial Finance, said
Plast-Tec’s success is based on forming a close working relationship with clients, offering them reliability and value for money. As part of the company’s growth plans, factoring has allowed Plast-Tec to borrow against invoices, helping the company to manage cashflow and fund new projects.