Leeds asbestos and demolition services firm secure £3m boost from Lloyds Bank

Lexia Solutions Group, the Leeds-based asbestos and demolition services company, has embarked on the largest project in the group’s history following the launch of a growth plan backed by Lloyds Bank Commercial Banking.

Lexia, which offers a asbestos removal, demolition and associated services through its three subsidiary businesses, Rhodar, Bagnall and Thermac, has recently commenced work on the Millennium Mills in the Royal Docks area of London, to prepare the way for the creation of 3,000 new homes.

In addition, the group has also launched a five year growth plan having secured a £3m invoice finance credit facility from Lloyds Bank Commercial Banking.

The facility will enable the firm, which has a net turnover of £50m, to drive further growth through a combination of new business and improved efficiency, as well as by continuing to invest in its 509 staff.

Jason Davy, chief executive at Lexia Solutions Group, commented: “As we finally move into a period of sustained economic growth, the construction sector looks set to go from strength to strength.

“With three strong, long-standing businesses in the group, providing complementary services, Lexia is well positioned to capitalise on the exciting opportunities our sector is increasingly presenting.

“Lloyds Bank stood by us throughout the recession and this new facility will enable us to look ahead with confidence, giving us the cash flow we need to be flexible as we embark on a plan for growth.”

Steven McGawn, director of business development at Lloyds Bank Trade & Working Capital Team, added: “Through a combination of natural growth and strategic acquisition, Lexia has developed over the years to become one of the UK’s leaders in the provision of asbestos removal and demolition contracting.

“As the business can be engaged in a variety of projects at the same time, we worked very closely with Management to understand their complex working capital cycle and then developed a tailored funding package which reflects the needs of the business as it moves into its next stage of growth.”

Gordons LLP, led by Paddy Sturman, advised Lloyds Bank on the deal.