- The loan is to FDBC Holdings, part of Neil Shacklocks, and will support the business’ future growth plans, following a management buy-out in June 2020;
- Neil Shacklocks undertakes plumbing, heating and electrical installations throughout the East Midlands and South Yorkshire;
- Servicing residential new build developments, social housing refurbishments and commercial projects, the business has built a reputation for quality and technical expertise;
- The global heating, ventilation, and air conditioning (HVAC) market is projected to grow at a compound annual growth rate (CAGR) of 7% from 2022-2027, driven by a growing construction sector and increasing refurbishment and replacement demand1.
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided a bespoke debt finance facility to FDBC Holdings, part of Neil Shacklocks, one of the UK’s largest plumbing, heating and electrical contractors. The transaction will help support the business’ future growth plans following the completion of a management buy-out in June 2020, which saw the full transfer of shares to the firm’s new owners.
Headquartered in the Nottinghamshire market town of, Sutton-in-Ashfield and incorporated in 1968, Neil Shacklocks undertakes installation projects throughout the East Midlands and South Yorkshire regions. With a focus on servicing residential new build developments, social housing refurbishments and commercial properties, including extra care developments and Purpose-Built Student Accommodation units, the business has built a reputation for quality, technical expertise, and offering exceptional customer care post completion.
Its client list includes some of the largest, blue-chip housebuilders, including Taylor Wimpey, McCarthy & Stone, and Barratt Homes, with previous notable projects also including Barcelona’s Olympic Village complex, Centre Parcs’ Thetford site, the Don Valley Stadium and the Folkestone’s Channel Tunnel complex.
Chris Hodgson, Managing Director of Neil Shacklocks, commented: “Since Neil Shacklocks launched over five decades ago, it has managed to build an extensive and highly impressive client book, serviced by a dedicated and forward-thinking professional team. The business is continually looking to improve its performance and with sales in the plumbing and heating supply chain increasing dramatically following the pandemic, we’re confident Neil Shacklocks is set to thrive moving forward. We are grateful for the support we received from the team at OakNorth Bank, who were transparent and entrepreneurial in their approach. The funding will allow our new management team to pursue our corporate strategy, which will focus heavily on strengthening efficiency.”
Dale Cowdell, Associate Director of Debt Finance at OakNorth Bank, added: “I’ve known Neil Shacklocks for nearly a decade and in this time, the business has truly cemented itself as a leader in the plumbing, heating and electrical services industry. It has the reputation of being one of the best and largest contractors operating throughout the East Midlands and South Yorkshire since its launch over 50 years ago. With the sector set for significant growth over the next five years, Neil Shacklocks is in a prime position to capitalise on this opportunity. We are delighted to have been selected as the firm’s funding partner to support its growth journey and we look forward to strengthening our relationship with them in the future.”
OakNorth Bank was advised on the transaction by Harrison Clark Rickerbys.
ENDS
Notes to editors
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £8B, directly helping with the creation of 34,000 new jobs and 25,000 new homes across the UK.
- Raised deposits from c.160,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588