Secure Trust Bank Commercial Finance has provided a £2m asset-based lending and invoice finance facility to national timber door specialist Todd Doors to support the next stage of its growth strategy.
Established in 1952, the Northolt-headquartered company operates across the Southern parts of the country from showrooms in West London, High Wycombe, St Albans and Bournemouth. The business sells directly to home owners and the general public, and also serves a number of well-known housebuilders including Berkeley Group, Millgate Homes and Shanley Homes.
Todd Doors is a third-generation family business run by managing director Matthew Todd, who took ownership in 2004. Initially owned by his grandfather Charles Albert Todd, who established the business 65 years ago, the company has evolved from a one-man door reclamation business into a company with an average stock of 25,000 doors.
The company, which now employs 90 staff, recorded turnover of £14.5m in the year to December 2016. This is expected to rise to £16m in the next 12 months – a 9.4% increase.
The new funding package from Secure Trust Bank extends additional flexibility to Todd Doors by providing a facility secured against the stock held by the business, alongside a traditional invoice finance facility.
Matthew Todd, managing director at Todd Doors, said:
“The business is continuing to grow at a rapid pace and we needed a facility in place that would allow us to hold more stock. We weren’t able to access funding from our traditional lender and were delighted that Secure Trust Bank could step in to support our ambitious growth plans. Over the next few years we plan to open more showrooms across the country which will help to cement our position as one of the UK’s leading suppliers of quality doors.
“Working with the team at Secure Trust Bank was very straightforward and they provided the funding in less than five weeks. Tony has been incredibly attentive and would always appear at the drop of a hat, which was very refreshing. They always came to us with a solution and genuinely wanted to put a facility in place instead of creating any barriers.”
Tony Young, regional sales director at Secure Trust Bank Commercial Finance, said:
“Todd Doors is a brilliant family success story. We have worked closely with Matthew and the rest of the management team to provide a tailored package that will help drive the business forward. The new facility means that the company can lend money against existing assets, which will ultimately enable the business to fulfill more orders. We look forward to our ongoing relationship as the business continues to grow.”
March 2017 figures for the high street banks
The latest on the UK GDP data
The Q1 2017 insolvency statistics