A WEARSIDE building firm is laying down a foundation for the future after securing a £3million investment with a refinancing deal.
Thompson Building Centres, in Hendon, hopes the move will help it continue to provide “first-class products and services”.
Managing director Anne Ganley said the emphasis would be on “cautious growth” across all the Thompson group of companies including Taps plumbers’ merchants and Thompson Waste Management.
“We won’t be looking at any rapid expansion, but will be looking at some cautious growth which will include the possible opening of further branches of Taps,” she said.
“But our main focus will be looking after the branches we already have and ensuring our existing customers continue to get first-class products and services.”
Thompson’s has received the funding from Sunderland-based Bibby Financial Services. “There has been interest from a number of banks in securing the company’s business but we decided to take our time and consider our options before moving forward,” said Mrs Ganley.
“For us, Bibby Financial Services won hands down. I liked they were very proactive and driven but at the same time that approach was coupled with very traditional values.
“The fact that the company also had a base in Sunderland and we had a close relationship with their team was also a deciding factor – they clearly knew and understood our business and our sector.”
Peter Cromarty, head of business development at Bibby Factors North East, said: “The refinancing deal underlines our belief in the Thompson Group, their management team and business plan moving forward.
“Having an association with such an established enterprise and a key employer in the area is something we are very proud of,” he added.
“This deal underlines Bibby’s commitment to supporting North East SME businesses though our base in Sunderland and we look forward to helping enterprise in the area succeed and grow in what remains a challenging economic climate.”