ONE of the region’s largest family-owned businesses is set for cautious growth after securing a £3m investment following a refinancing deal.
Thompson Building Centres has received the funding from Bibby Financial Services, allowing the company to consolidate and implement its future plans.
The Sunderland-based company said the refinancing will be used across the group, which includes TAPS plumbers’ merchants and Thompson Waste Management.
Thompson Building Centres operates sites across the North East and a new location in York and employs a total of around 150 staff. Its turnover is around £30m.
Managing director Anne Ganley admitted that any growth on the back of the refinancing deal would be cautious given the current economic climate.
She said the focus was very much on “growing our existing sites and ensuring that our customers are very well looked after”.
“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.”
Ganley admitted that there had been several banks interested in the company’s business but the fact Bibby had a base in Sunderland helped secure the deal.
“I liked that they were very proactive and driven but at the same time that approach was coupled with very traditional values,” she said.
Peter Cromarty, head of business development at Bibby Factors North East, said that “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.
“We look forward to helping enterprise in the area succeed and grow in what remains a challenging economic climate.”