Ventilation Surveys & Services Ltd targets £5m turnover with finance facility
Secure Trust Bank Commercial Finance has provided a £750k invoice finance facility to Ventilation Surveys and Services as the business aims to nearly double turnover in 18 months.
Based in Liverpool, the company provides a full suite of ventilation cleaning and maintenance, specialising in ductwork cleaning and remediation projects as well as hygiene surveys and assessments. The firm employs 60 staff and services both public sector and private clients across the UK and Ireland, including the NHS, Burger King, Fitness First and Greater Manchester Police.
Ventilation Surveys & Services has enjoyed strong trading over the past 12 months, with year on year growth of more than 30% to take turnover to £3m. With plans to hit the £5m mark by 2018, the facility provided by Secure Trust Bank will enable the company to manage this growth and access additional cashflow.
In addition to its organic growth plan, the business is looking to make a number of follow-on acquisitions over the next three years as it targets expansion in the ventilation compliance market.
George Friend, CEO at Ventilation Surveys and Services, said:
“While achieving growth is a key priority for any business, managing such rapid expansion represents a considerable challenge. As a result, we knew we needed the support of an invoice finance facility, and found Secure Trust Bank to be the ideal partner.
“Ensuring good lines of communication with your lender is essential, and the time that Secure Trust Bank took to understand our business and the sector meant they could provide a flexible facility to meet our needs.”
Matthew White, regional sales director at Secure Trust Bank Commercial Finance, said:
“With a strong client base including a number of household names, Ventilation Surveys has demonstrated outstanding levels of growth over recent months, and maintains an ambitious strategy for further expansion.
“The business opted to switch from their high street provider due to the greater flexibility provided by our services, as well as the ongoing support we offer. The package we have put in place will enable the business to free up cashflow and ensure that it can manage the growth effectively moving forward.”
Photo caption: Ventilation Surveys and Services team