Encon Group completes £54m funding deal
A building supplier has secured extra funding as it prepares to receive a boost from the construction sector’s upturn.
Wetherby-based Encon Group has set its sights on further expansion after announcing that it has secured a £54m refinancing deal.
The funding, which includes facilities provided by funds and accounts advised by Farallon Capital Europe and Lloyds Bank Commercial Finance, will enable Encon to continue building its market share in the UK. The Encon Group started trading in Halifax in 1981 as a distributor of insulation products. It now has branches in 24 locations across the UK, employs more than 500 people and has an annual turnover of £200m. In 2011, the business underwent a management buyout, which was led by the current chief executive, Stuart Moore, and financed by Lloyds Bank.