Andrew Page gets further growth funding
Andrew Page Group, has secured further funding from its provider PNC Business Credit (PNC) part of one of the largest financial institutions in the United States. The new funding comes a year after its original deal see funding grow from £40 million to £50 million to support its growth plans.
Mark Saunders, CEO of Andrew Page, stated: “This is a real vote of confidence in the business and recognition of our continued growth, which was double digit across all sales channels in the past year. Additionally, we have recently launched a new on-line sales platform, fitted out five of our existing branches with new retail stores, and successfully opened a new branch in Cardiff along with opening a new branch in Woodford Green during December.”
He went on to add: “This however only tells half the story. We are also focusing relentlessly on improving efficiency and reducing costs. Our recent investments in vehicle telematics, upgrading our van fleet and rolling out a new fully integrated digital telephony system is facilitating significant savings. Over the past number of months we have seen the benefits of these investments already translate into overhead reductions of £2.8 million on an annual basis.”
Ed Brookes, CFO of Andrew Page commented: “The new £50 million funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain its momentum. PNC are a terrific partner to have on board through this exciting stage of our development.”