Geo Quarries secure asset-based lending facility
Company agrees £500,000 invoice and stock facility from specialist lenders Aldermore
HAVING recently taken ownership of Little Ponton Quarry in Lincolnshire, construction products suppliers Geo Quarries have agreed a £500,000 asset-based lending facility from specialist lenders and savings bank Aldermore.
The company, which was established in September 2015, opened the 38-acre quarry, near Grantham, earlier this year. The new lending facility will allow exploratory work to continue at the site, which has some 7.5 million tonnes of limestone reserves.
Geo Quarries say they also intend to add new quarry locations and invest in their vehicle and plant fleet, to better serve customers across the UK.
Chief executive officer John Duffy commented: ‘We are very proud of the sustainable solutions we have been able to create in all our core markets. The facility from Aldermore will help us to reduce our carbon footprint and to grow the company further.’
Stefan Radymski, head of business development, invoice finance at Aldermore, said: ‘John has a wealth of experience in quarrying, construction, civil engineering and property, and we’re confident that the business will continue to thrive under his leadership.
‘The invoice and stock finance facility will not only help the company’s exploratory work at Little Ponton Quarry, but will also help the business to manage cash flow throughout the year.’
Aldermore were established in 2009 to serve SMEs and individuals. The company has grown significantly and at the end of September 2016, lending to customers stood at £7.1 billion.
