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Mon March 01 2021

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Finance deal for materials supplier

23 Sep 14 Building materials supplier Encon Group has secured a £54m refinancing deal to fund expansion plans.

Wetherby-based Encon started trading in Halifax in 1981 as a distributor of insulation products. It now has branches in 24 locations across the UK, employs more than 500 people and has an annual turnover of £200m.

In 2011, the business underwent a management buyout, led by the current chief executive, Stuart Moore, and financed by Lloyds Bank.

Mr Moore said: “This funding transaction provides Encon with a stable financing base committed for the next five years and incorporates facilities both ample and flexible to provide for future growth and further enhancement of customer services. I am pleased to be extending our existing relationship with Lloyds Bank Commercial Finance and to be entering into a new association with Farallon Capital Europe.”

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