A North East construction specialist has unveiled expansion plans following a management buyout backed by a multimillion-pound finance package.
Durham-based Dunelm Geotechnical and Environmental Ltd – which made this year’s Journal-backed Fastest 50 list – was founded in 1966 and uses a range of techniques to assess the quality of the ground including the foundations, design and construction.
Now managing director James Huntington and finance director James Forsythe are taking control of the company in a buyout which will trigger expansion of the firm’s regional operations in Scotland and the North West, creating a number of jobs at offices in Cambuslang and Holmes Chapel.
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Lloyds Bank Commercial Banking provided a multimillion-pound funding package to support the buyout.
The Durham-based business currently provides its services to more than 1,000 海角视频 customers across a range of sectors, including residential, commercial and industrial.
Over the last six years its has quadrupled its turnover by restructuring the business, to develop national accreditations and bring in a customer-focused management style.
Directors Katherine Jones and Rob Schofield will join the firm’s leadership team to assist in the firm’s technical management.
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Former managing director Gary Dresser and operations and technical director Ann Lowry, the previous owners of Dunelm, will continue to act as consultants for the business.
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Mr Huntington said: “As the new owners of the company, we have ambitions for Dunelm. Thanks to support from Lloyds Bank, we now have both the financial headroom and confidence to push forward with these plans.
“The team at Lloyds Bank has been by our side throughout the entire process offering both advice and financial products to support our ambition.”
Bill Harvey, relationship director at Lloyds Bank Commercial Banking, added: “Supporting the buyout with a tailored funding package will help ease the firm’s working capital pressure and will give it the financial flexibility to drive further investment.
“The company offers a market-leading service thanks to its highly-skilled staff and well-established presence in the geotechnical sector. With its new leadership team at the helm, the business can now continue to build on its growing reputation.
“At Lloyds Bank, we are dedicated to providing the regions businesses with the guidance and support they need to achieve success. That’s why, this year, we have committed to lending up to £700m to help North East firms scale up and reach their ambitions for growth.”