The general building and construction company will use the funding to accelerate its growth plans following a new contract with Nottingham Community Housing Association.
The MEIF Debt Finance, managed by Maven, has provided LJ General Builders, a general builders company which undertakes residential and commercial property builds, renovations and extensions, with a £250,000 funding solution. The loan will support the company’s ambitious expansion plans, enabling it to finance a new contract to build several properties for the Nottingham Community Housing Association.
Nottingham-based LJ Builders is a general building company which delivers new builds, renovations and extensions of both residential and commercial properties, predominantly in the East Midlands. Established for 20 years, LJ Builders has a fully qualified team that provides a range services including: plumbing, electrical, tiling, flooring and painting.
The company is led by Managing Director, Leigh Shorrock, who has over 15 years’ experience in building and construction with a range of qualifications and Guilds in bricklaying, carpentry and joinery. Shorrock leads a team of builders on a variety of bespoke construction projects, managing day-to-day operations as well as overseeing the company.
Leigh Shorrock, Director at LJ Builders, said: “We are delighted to receive this funding boost to enable us to execute our growth plans. Winning the bid for the social housing development on behalf of the Nottingham Community Housing Association has opened the doors for the next growth stage for us and we’re looking forward to this new chapter.”
Richard Altoft, Investment Director at Maven Capital Partners, commented: “LJ Builders is a well-established business with a good history of building on time and within budget. This is undoubtedly a step change in the company’s growth aspirations, but the company has been further strengthened in recent years and is suitably positioned to take on bigger projects. We are delighted to provide the business with this loan to help the team pursue their ambitious plans.”
Sajeeda Rose, CEO at D2N2 LEP, said: “It’s great to see the Midlands Engine Investment Fund continue to inject capital into our region’s businesses. D2N2 is particularly pleased to see this investment into LJ Builders, allowing them to provide more jobs for our residents, as well as social housing for those living in Nottingham through their contract with the Nottingham Community Housing Association.”
Grant Peggie, Director at the British Business Bank, added: “The Midlands Engine Investment Fund was set-up to support growing businesses which couldn’t obtain funding from traditional lenders. With the support of MEIF finance, LJ Builders will be able to continue to grow and support the construction of new social housing in Nottingham.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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