OakNorth Bank has provided a bespoke debt financing facility to FDBC Holdings, part of Neil Shacklocks, one of the UK’s largest plumbing, heating and electrical contractors.
The transaction will help support the company’s future growth plans following the completion of a management buyout in June 2020, which saw the full transfer of shares to the company’s new owners.
Based in the market town of Sutton-in-Ashfield, Nottinghamshire, and incorporated in 1968, Neil Shacklocks undertake settlement projects in the East Midlands and South Yorkshire areas.
Its client list includes some of the largest blue-chip home builders including Taylor Wimpey, McCarthy & Stone and Barratt Homes, with previous notable projects also including Barcelona’s Olympic Village complex, Center Parcs’ Thetford site, the Don Valley stadium and the Folkestone Canal. Complex of tunnels.
Chris HodgsonManaging Director of Neil Shacklocks, said: “Since Neil Shacklocks was launched over five decades ago, the company has succeeded in building up an extensive and very impressive client portfolio, managed by a dedicated and forward-thinking professional team.
“The business is continually looking to improve its performance and with the dramatic increase in sales in the plumbing and heating supply chain following the pandemic, we are confident that Neil Shacklocks is poised to thrive in the future.
“We are grateful for the support we have received from the team at OakNorth Bank, who have been transparent and entrepreneurial in their approach. The funding will enable our new management team to pursue our growth strategy. company, which will place a strong emphasis on boosting efficiency.
Dale Cowdell, Associate Director of Debt Finance at OakNorth Bank, added: “I have known Neil Shacklocks for almost a decade and during that time the company has truly established itself as a leader in the plumbing industry, heating and electrical services. It has a reputation as one of the best and biggest contractors operating in the East Midlands and South Yorkshire since its launch over 50 years ago.
“With the industry expected to experience significant growth over the next five years, Neil Shacklocks is in a unique position to capitalize on this opportunity. We are delighted to have been selected as the company’s financial partner to support their growth journey and look forward to strengthening our relationship with them in the future.
OakNorth Bank was advised on the transaction by Harrison Clark Rickerbys.