Since brothers Paul and John King set up Nationwide Frame Services 25 years ago, they have encountered some difficult trading conditions over that time, but none as tough as the last couple of years.
However, despite the well-publicised challenges in the UK construction market, chiefly due to pandemic restrictions and supply shortages, the company which supplies and installs windows and doors, has continued to deliver contracts to a loyal customer base including Bellway, Taylor Wimpey, and David Wilson Homes.
Nevertheless, like many in the sector, turnover was impacted by COVID because construction sites were initially closed, hitting build schedules, followed by supply chain issues. Despite all this, Nationwide Frame Services remained profitable throughout.
Naturally, it has had an impact on cash flow and now, with the business returning to, and exceeding, pre-pandemic activity levels in a buoyant housing market, it needed to release additional working capital to buy increased levels of stock and facilitate its ambitious its growth plans.
The King’s spoke to its recently appointed company accountant, Mike Hickman of Practical Business Solutions (NW). Mike, in turn, introduced them to the Wane Group, led by management and former rugby league player and coach, Shaun Wane.
Director of Nationwide Frame Services, Paul King, said,
“Mike, together with Wane Group, put us in touch with Reward as they knew they had a pragmatic and flexible approach to lending. We met with Mike Calvert from Reward who was impressed with the quality of our product range, the skilled team and blue-chip client list, and quickly supplied us with the funds we needed to push forward with our plans.”
Using several assets as security, Reward responded swiftly to provide the company with a £1m facility via our Asset Based Solutions product.
Speaking about the deal, Mike Calvert added,
“Construction industry suppliers have faced some of the toughest challenges over the past couple of years because of the pandemic. However, the future is bright, as the UK urgently needs to build new homes, and Nationwide is perfectly placed to work with housebuilders to meet the demand.
“We were therefore happy to deliver the funds to provide the springboard for its next 25 successful years.”