Bank for entrepreneurs supports “leading” plumbing and heating contractor following MBO

A London based bank for entreprenuers has supported a UK plumbing, heating and electrical services contractor, following a management buy-out (MBO) in June 2020

OakNorth Bank, has provided a bespoke debt finance facility to FDBC Holdings, part of Nottinghamshire headquartered, Neil Shacklocks contractors.

Headquartered in the Nottinghamshire town of Sutton-in-Ashfield and incorporated in 1968, Neil Shacklocks undertakes installation projects throughout the East Midlands and South Yorkshire regions.

Chris Hodgson, managing director of Neil Shacklocks, said: “Since Neil Shacklocks launched over five decades ago, it has managed to build an extensive and highly impressive client book, serviced by a dedicated and forward-thinking professional team.

“The business is continually looking to improve its performance and with sales in the plumbing and heating supply chain increasing dramatically following the pandemic, we’re confident Neil Shacklocks is set to thrive moving forward.

“We are grateful for the support we received from the team at OakNorth Bank, who were transparent and entrepreneurial in their approach. The funding will allow our new management team to pursue our corporate strategy, which will focus heavily on strengthening efficiency.”

Dale Cowdell, associate director of Debt Finance at OakNorth Bank, added: “I’ve known Neil Shacklocks for nearly a decade and in this time, the business has truly cemented itself as a leader in the plumbing, heating and electrical services industry.

“We are delighted to have been selected as the firm’s funding partner to support its growth journey and we look forward to strengthening our relationship with them in the future.”

Clients include Taylor Wimpey, McCarthy & Stone, and Barratt Homes, with previous projects also including Barcelona’s Olympic Village complex, and the Folkestone’s Channel Tunnel complex.