Finance package paves way for £2.9bn contract win
Freeway Surfacing, based in Wolverhampton, has successfully tendered for its largest ever contract after obtaining financial support from NatWest, Lombard and the government’s enterprise finance guarantee (EFG) scheme.
The company, which employs more than 50 people, specialises in road construction and repair contracting.
Freeway Surfacing recently secured a contract worth £2.9bn with Amey LG for carriageway repairs, as part of its 25-year Birmingham highway maintenance and PFI contract.
NatWest Commercial banking tailored a financial facility which included EFG support to enable the company to carry out the contract work. Additional support was obtained through Lombard, which supported the business by raising additional finance against existing company assets.
Mike Elphick, senior relationship manager for NatWest, said: “Gaining this contract with Amey LG Limited is fantastic news for Freeway Surfacing Limited. When I was approached by Mike Jordan and asked if the bank could support the company, I worked very closely with my colleague Neil Mackay in our credit team and successfully turned around the request ensuring that the EFG process was handled smoothly and quickly.”
