Construction News

Mon September 23 2019

Related Information

Murphy secures financing package

8 Jul J Murphy & Sons has secured a £60m financing package from Lloyds Bank Commercial Banking.

The three-year agreement, which comprises a £40m revolving credit facility and £20m asset finance line, provides Murphy with the financial support for its ongoing workload.

The bank began supporting Murphy in 2018 and has since refinanced it with a further three-year investment, reaffirming its commitment to the wider infrastructure sector.

Murphy chief financial officer David Burke said: “Infrastructure continues to be a jewel in the crown of UK construction, offering longer-term stability and healthy levels of investment, but given the current challenging climate, it still needs all the support it can get going forward.

Related Information

“The team at Lloyds Bank has taken the time to get to know us as a business and has been supportive and open when it comes to discussing future opportunities.

“We have continued to win contracts and new clients during the first half of 2019. This partnership will help us to continue to deliver and provides us with the confidence and flexibility to invest in world-class assets, grow our business in the appropriate way and support our approach to rigorously manage our balance sheet.”

Lloyds Bank Commercial Banking relationship director Steven Kew said: “Murphy continues to be at the forefront of some of the UK’s most exciting infrastructure projects and this investment will enable them to power on.  We pride ourselves on providing our clients with more than just capital. This partnership will give Murphy added reassurance to continue developing its offering for its expanding customer base. We’re looking forward to working alongside the Murphy team and supporting them as they take the next step in their growth journey.”

Got a story? Email news@theconstructionindex.co.uk

MPU

Latest News

Click here to view more construction news »