Fox pounces on RBS funding
Civil engineering business Fox (Owmby) has agreed a working capital deal with RBS to support a recent £4m contract win.
The Market Rasen-based family business was awarded the engineering contract by cement supplier Cemex UK.
The 32-week deal, through which Fox will supply transportation, restoration of former workings and civil engineering expertise, is one of the company's biggest contract wins.
RBS has extended working capital facilities to support the project and enable Fox to fund the contract cost effectively.
Stephen Fox, managing director said: "This provides additional security for the business, but we had to ensure we funded it in an appropriate manner so that it did not impinge on our existing working capital lines, but also allowed us to resource effectively to meet the contract demands in a cost and time efficient manner.
"Whilst economic conditions remain tough, we feel a positive outlook for the immediate future and feel we can build upon this contract to drive the business into new markets as we move towards 2012."
Established in 1929, Fox now employs more than 150 workers at its Caenby Hall premises in Market Rasen.
