Insider Media Limited

Stuarts Industrial Flooring, based in Tamworth, has secured a £7m refinance package with Lloyds TSB Corporate Markets. The company, which delivers flooring across the UK, moved its banking for the first time in more than 100 years to obtain the funding.

The capital is intended to “support the business’ continued success and capital growth”, said Lloyds TSB.

Stuarts received the funding after winning contracts for the 2012 Olympics in London.

The company, which has four offices in Tamworth, Edinburgh, Boroughbridge and Southampton, has also expanded its reach into Scandinavia over the last 12 months, delivering 1 million sq ft of flooring in the region to date. The privately owned business has an annual turnover approaching £30m and employs a team of almost 200.

Director David Harvey said: “The recession was a difficult time for us, as our core business comes from new-build industrial developments and construction of this kind slowed considerably. We’re now seeing the market starting to pick up again and with this comes opportunities for us to work on a wide variety of specialist contracts, both in the UK and increasingly overseas.

“We reviewed the banking market with Dains, our business advisor, and it was clear that Lloyds TSB was prepared to go the extra mile to understand our business. Richard Smith and his team have done just that, tailoring a funding package that will enable us to provide core business support and look towards the future development of the business.”

Stuarts was advised on its transaction with Lloyds TSB Corporate Markets by Mike Copestake and Janet Rhodes of Freeth Cartwright, while Carol Betts of HBJ Gateley Wareing acted on behalf of the bank.