Brightside Roofing Ltd
When Alan Adams, an experienced advisor at Bibby’s Financial Services, received a finance application from Northamptonshire headquartered Brighside Roofing, he knew that this recently established specialist roofing contractor would struggle to secure the finance they had asked for. Alan considered the business plan to be sound however, so he recommended they contact Foundation East, a responsible finance provider, as their lending criteria is more flexible than that of mainstream finance providers...
Brightside Roofing Ltd is one of only a few nationwide Sika -Trocal licensed contractors. It also provides electrical testing and remedial flat roof teams to builders and maintenance groups across the UK. Established in 2011 by flat roof specialists, Lee Dunkling and David King, who between them have over 30 years experience in the industry, Brightside Roofing had a sound business plan to expand and provide wider UK coverage. The business required working capital to support growth into more supply and fit contracts. However, due to limited trading history, mainstream finance companies turned down the loan application. Luckily, a switched on advisor at Bibby Factoring referred them to Foundation East.
“When I first met Brightside Roofing’s directors, it was clear that they had a committed and determined management team, with strong characters with good financial management systems in place. The product was sought after and the customer base loyal, all pointing to a solid platform from which to grow and win more contracts. When they came to us, the company had been trading for 20 months and their bank were supporting them with an unsecured overdraft of £25,000, quite normal in this sector, yet wouldn’t consider increasing support without two full years accounts and security. We saw the potential and we made the loan.” explains Bob Shimmon, Foundation East’s business loans manager.
“When we were told about Foundation East, it was refreshing to know that the decision would be based on our business model and plan, as opposed to our track record. We were a new company that was growing very quickly and we knew that there was the real potential for further growth,” explains Kevin Dunkley, Brightside’s company secretary.
“Working with Bob has been really pleasant. I knew our business plan held up and the model was good and Bob shared my enthusiasm, it was reassuring to know he was on our side. There was a fair bit of paper work to complete to make the application, but nothing too difficult and they got back to us with a ‘Yes” in time for our needs,” he adds.
The Foundation East loan has allowed Brightside Roofing to secure new supply and fit contracts, in addition to their ‘bread and butter’ labour only work. This has enabled them to engage more self-employed sub contractors (typically, they are employing 15 subcontractors at any one time) as well as adding a new permanent member of staff.
Kevin sums up the impact that Foundation East’s support has had on the business:
“Foundation East’s support enabled us to expand and bought us time to build up a reputation and a client base. We now regularly have 15 guys on building sites throughout the UK working for well-established construction and roofing firms. It’s a tough and competitive industry. This loan has allowed us to set the foundations for the future.”
“Brightside engaged with me in regularly reviewing progress from day one. Always willing to discuss and debate challenges regarding changes and ongoing development of their plans, we’ve built a strong working bond. I am really looking forward to continuing to support them and, from what I’ve seen so far, they’re bang on target and their future looks very bright indeed!”