CENTRIC PROVIDES WORKING CAPTIAL TO FLOORING SPECIALIST
Posted on: 30 July 2012
Centric Commercial Finance, the independent specialty asset-based lender, has provided a £1m facility to Davicon Mezzanine Floors, a UK leading mezzanine floors and support steelwork manufacturer and installer, to finance its plans for growth.
Les Litwinowicz, Chief Executive of GIL Investments Limited, said “ The Centric team were quick to grasp what our business is about and come up with the funding solutions for us. We were impressed by the package they put forward in terms of both flexibility and swiftness.”
Rob Gilmore, Business Development Director at Centric, said “Davicon is a profitable, cash generative business with a strong balance sheet, which allowed us to move swiftly to put in place a flexible invoice finance facility. This deal demonstrates our commitment to boost growth in Midlands, but also highlights Centric’s best qualities – flexibility, deep industry insight and rapid implementation.”
Based in Brierley Hill, West Midlands, Davicon has 30 years’ experience manufacturing and designing mezzanine floors and levels for blue chip companies across various sectors including retail, industrial, commercial offices, warehousing and self-storage. In 2009 Davicon was the subject of an MBO with the support of GIL Investments Limited, a private investment company based in the Midlands. Davicon has been experiencing strong growth and decided to take on board Centric to help with its plans for expansion.