Pochin £2.4m funding
The corporate team at Wright Hassall has advised Pochin Concrete Pumping on the agreement of its funding package totalling £2.4m with Centric Commercial Finance.
The asset-based lending facility will refinance its existing facility and provide additional headroom to enable the business to expand its operations. The £2.4m package comprises a £2m invoice discounting line, a £300,000 plant and machinery loan and an additional £100,000 cash flow loan. The transaction was introduced to Centric - based in Colmore Circus in central Birmingham - by London firm Alcyon Financial.
Since starting with a single concrete pump in 1969, today Pochin Concrete Pumping operates the largest wholly owned fleet of mobile concrete pumps in the UK and is the only company of its type with national coverage.
Notable projects include pumping up to 42 storeys on Citigroup's Tower site at Canary Wharf and pumping horizontally for two kilometres on the T5 Terminal underground extension at Heathrow.