Moorhead Group secures £550k funding deal to invest in vehicle fleet

Moorhead Group, the Leeds-based ground engineering and demolition firm, has announced that one of its operating businesses, Moorhead Excavations Limited, secured a £550k funding deal with Allied Irish Bank (GB).

Moorhead Excavations Limited is using the funding to purchase six new Scania Wagons and secure new contract wins across the North of England.

Since the additional funding has been provided, the Moorhead Group has taken delivery of six Scania P610 8 wheel tipper wagons equipped with Thompson bodies to update the fleet.

The Moorhead Group, which is located on Lower Wortley Road in Leeds, currently employs 50 staff and has a turnover of over £8m.

The management team are focused on expanding the business, which last year was acquired by Jonathan Prutton and Philip Horsnall of Croxden Capital Partners who now work alongside the existing managing director, Colin Fitton.

Allied Irish Bank (GB) provided £4m of bank facilities to finance the acquisition.

The Moorhead Group consists of two operating companies, Moorhead Excavations Limited and Moorhead Demolition Limited.

Moorhead Excavations was established in 1986 and provides a variety of services to the construction industry including Site Remediation, Bulk Excavation, Road Haulage, Tipping Facilities, Crushing & Processing Facilities and Aggregates Supply.

Moorhead Demolition was established in 2002 to work independently but in conjunction with Moorhead Excavations to provide a ‘one-stop shop’ for Demolition and Site Preparation works.

Colin Fitton, managing director of the Moorhead Group, said: “The Moorhead Group is a regional industry leader and by investing further in the business we aim to improve the quality of the services we provide and strengthen our reputation within the construction industry.

“Although we work across the North of England on a variety of projects varying from small residential to large scale commercial and industrial developments, we are also targeting work further afield and are looking to acquire further regional businesses operating in our sector.

“This latest support from Allied Irish Bank (GB) has taken post acquisition funding to £750k and has shown once again how supportive they have been of our expansion plans”

Mark Billington, head of the Leeds Business Centre and senior relationship manager at Allied Irish Bank (GB) and his colleague Matthew Fannon, worked together on this deal.