Reward’s funding has enabled home counties-based social enterprise New Meaning Construction to unlock the market potential for its energy efficient, sustainable housing solution with an immediate contract win success.
New Meaning Construction approached Reward to explore how we could help fund its goal of expanding capacity to meet the increased demand for its services to deliver more new homes. Following recent successes completing eco-homes for Vale of Aylesbury Housing Trust and Warwickshire Rural Housing Association, as well as several private developments, the company wanted to ensure it had a funding facility that would support new opportunities on the horizon.
Reward was able to provide a cash injection of £200k through the Business Finance product and this has already been instrumental in driving forward New Meaning’s business. It was key to helping the company win a £900k contract with affordable housing provider Fairhive, providing a flexible working capital facility which it can use for the procurement of building materials to enable housing projects to commence.
New Meaning Construction is a licensed builder of the Beattie Passive low carbon housing system, but it is by no means a typical housebuilder. Through its New Meaning Training division, it also provides valuable training and employment opportunities for young people, principally in the construction industry, some of whom go on to work in its housebuilding division.
Commenting on how Reward’s funding has supported New Meaning Construction’s growth plan, Co-founder and Joint-CEO David Lett said:
“Our recent Beattie Passive House projects have attracted strong interest from social housing providers keen to create low carbon, highly energy efficient homes for their residents, so it is tremendous that we can now unlock our potential for growth through this new funding. In fact, without having the working capital facility in place with Reward, we would not have been able to win our latest new contract.
“Working with Reward was very easy, and they were absolutely true to their word. Everything that they said would happen, happened, and they took the time to understand our business and do their due diligence, which I believe is crucially important. I don’t often say this about a finance provider, but I really feel like Reward have got our back.”
Alan Sanderson, Senior Relationship Manager at Reward Finance Group, worked closely with David to arrange the cash injection. He added:
“Given how the building industry is having to adapt to address climate change and spiralling energy costs, as well as deal with widespread skills shortages, New Meaning Construction is extremely well-placed and capable of meeting an emerging demand for sustainable new homes. We are pleased to be able to provide David and his team with a flexible working capital facility that means short term hurdles needn’t stand in the way of their long-term growth plans.”