Modular building firm Calsafe Group has secured a £3.5 million increase in its working capital facility with the Bank of Scotland.
Trading under the name of Caledonian Building Systems, Calsafe specialises in pre-engineered buildings and steel frame modular construction.
The company operates four factories on a 42-acre site near Newark in Nottinghamshire and also a 10-acre site under the brand ModularUK near Hull.
It specializes in building prisons, hotels and multi-family buildings, such as condominiums and apartments, as well as other commercial buildings.
The modules are constructed as separate units such as bedrooms or cells with each unit being fully wired, plumbed and furnished before being transferred to the construction site and erected to form a building.
The group operates predominately within the government and public sectors but it also has a history of successful projects within the university, hotel and residential sectors.
The increased working capital facility was used to fulfill significant contracts now flowing through from the Ministry of Defence and HM Prison Service in the last six months.
This latest funding facility was arranged on behalf of Bank of Scotland by Andrew Little, senior area manager in the Bank’s West of Scotland Corporate team.
He said: “The past year has been an undoubtedly tough year for many sectors, including the construction sector, so the flow of contracts coming through to Calsafe has come at an excellent time for the business.
“This is a great example of the Bank of Scotland supporting a viable customer with immediate short term funding requirements in recognition of the growth opportunities that lie ahead.”