Colchester: Milbank secures �1.5m in funding to support expansion
NORTH Essex-based concrete floors company Milbank has secured �1.5million in funding to support expansion into new markets.
The facility has been agreed with Centric Commercial Finance, which specialises in asset-based lending and invoice discounting and was introduced to Milbank by accountancy firm Baker Tilly.
Milbank, based at Earls Colne, already supplies housebuilders Barratt, Fairview and Crest Nicholson and aims to take advantage of future growth in the housing sector as well as supplying more pre-cast products for non-building related projects, such as tunnels, panels and vessels for the waste and renewable sectors.
Sean Milbank, managing director of Milbank, said, “We were impressed by Centric’s professionalism and, while we were waiting for other financiers to respond, Centric moved swiftly and was able to make us a firm offer.”
Steve Merchant of Baker Tilly added: “Arranging funding for businesses in the construction sector is far from straightforward. However, Centric quickly understood the company and was able to deliver where others couldn’t.”
Rob Gilmore, business development director at Centric, said: “Milbank is a leading manufacturer of high quality precast concrete products and is in a unique position to take advantage of future growth in the house building sector.”