Enterprise Finance Guarantee doubles company size

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Enterprise Finance Guarantee doubles company size

A building services and facilities management firm has almost doubled in size and moved to new headquarters using funding from NatWest and backed by a government guarantee.

Bradley Jones (Partner), Adam Harding (NatWest), Chris Jones (Partner)

Jones FM LLP formed in 2010 following the amalgamation of existing businesses, Jones InteriorExterior and Jones Facilities Management. With the company growing at a rapid pace, founding partners Chris and Bradley Jones needed additional working capital to enable them to take on new larger contracts.

The partners turned to Adam Harding, Relationship Manager at the NatWest Dartford Business Centre, for cashflow support in the form of an Enterprise Finance Guarantee.

The guarantee enables companies that wouldn’t otherwise qualify for a normal commercial loan because of a lack of security or proven track record to apply for funding. Under the scheme, the Department for Business Innovation and Skills guarantees to cover  75% of money lost by the bank if a customer defaults on repayment of a guarantee-backed loan.

Doubled turnover

The NatWest funding has enabled Chris and Bradley to move to larger premises in Crossways Business Park, Dartford, and undertake new projects, including two new high profile contracts based in London. The company’s workforce has increased from 18 to 34 employees since 2013, and a further 16 jobs will be created during the next 12 months.

The company also expects to see an increase in turnover by more than 100% in just one year alone.

Chris Jones said: “No business wants to get to the position where they have to turn clients away. The money from NatWest has given us the stability and confidence to keep growing.”

The funding will enable Jones FM LLP to invest further in its staff, who will be offered training opportunities to ensure they can excel in their careers. In the long term Jones FM LLP is planning to build its client base, expanding further into the student accommodation arena, as well as hotel chains and commercial business parks

Harding said: “We’re working hard to ensure businesses in similar situations to Jones FM LLP have the support they need to progress their business while meeting and surpassing their ambitions. It’s fantastic to see Chris and Bradley do so well.”

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