Fox (Owmby) Ltd secure £4million Cemex UK contract

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Fox (Owmby) Ltd secure £4million Cemex UK contract

Lincolnshire's Fox (Owmby) Ltd have won a £4million contract with Cemex UK which has boosted the company's revenues following the negotiation of extended working capital facilities with their banking partners RBS.

Fox (Owmby) Ltd are a family owned civil engineering business, which was originally established in 1929. It has had three generations of family experience at the helm as the company has built itself into specialists in earth moving and civil engineering contract services. They have clients throughout the UK across both the public and private sectors. Currently they have over 150 full time employees based at their Caenby Hall premises in Market Rasen.

Cemex UK are a leading supplier of cement and ready mix concrete solutions. The contract which is over 32 weeks is a major win for the company and will see Fox supply plant, transportation, restoration of former workings and civil engineering expertise.

RBS have extended working capital facilities to support the project and allow Fox to fund the contract in the most cost effective manner.

Speaking of the contract win and its impact on his business, Stephen Fox, managing director said: "This is one of the largest contract wins we have registered for sometime. The recession has undoubtedly had an effect on the construction industry but we have kept our resolute approach of focusing clearly on our clients and their needs to continue to drive the business in a positive direction. This provides additional security for the business, but we had to ensure we funded it in an appropriate manner so that it did not impinge on our existing working capital lines, but also allowed us to resource effectively to meet the contract demands in a cost and time efficient manner. Whilst economic conditions remain tough, we feel a positive outlook for the immediate future and feel we can build upon this contract to drive the business into new markets as we move towards 2012."

Sue Sutcliffe, relationship director at RBS who arranged the funding added: "We have worked with Stephen and his management team for the last 15 years so have a clear understanding of the company's strategy. With this funding it allows the company to meet their contract obligations without impacting on their other operational requirements."

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