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Cheetham Hill Construction secures £7m asset finance from Barclays

Bury-based, Cheetham Hill Construction (CHC) has received a multi-million-pound finance package from Barclays Business Bank to support the continued expansion of the business.

Cheetham Hill Construction is an established and experienced civil engineering, building and equipment hire contractor based in Bury, Lancashire.  Barclays support includes a £7.1m asset finance facility to support the purchase of 20 new Volvo A30’s, 8 new Volvo A40 dump trucks, 4 mini diggers and a new low loader with Hiab.

The company was formed in 1966 and quickly gained a track-record of providing good service and cemented themselves as an expert in the civil engineering field. CHC owns and operates a significant holding in excess of 100 items of operated plant ranging from 80t excavators to 5t mini excavators 40t and 30t Volvo dump trucks and other ancillary breaking and compaction equipment.

Howard Chamberlain, managing director of Cheetham Hill Construction said: “We’ve been growing organically since we started out in 1966 and have worked alongside Barclays for many years. This new funding deal has enabled us to invest in new and more environmentally friendly operated plant and machinery to support our client’s needs and our sustainable procurement strategy. Barclays have been a strategic partner to our business who continue to support our exciting growth plans.”

Shamir Patel, Barclays Relationship Director put together the funding package for the deal and said:

“CHC is a great example of a thriving business that is expanding for the future and contributing to the local economy. The new funding has enabled the company to invest in the plant and machinery it needs to support their growth ambitions.

Shamir continued: “The future economic success of our country will be driven by people and businesses in places like Bury so I am delighted we are able to support our client in this way.”

This funding was supported by Sarah Pickering and James Harrowsmith of Barclays Asset Finance.  CHC were able to utilise the Enable Guarantee Scheme provided by Barclays working in association with the British Business Bank.

The Building Thriving Local Economies initiative launched in September 2018, in order to help ensure that every part of the country can fulfil its potential and inform what companies like Barclays can do to help economies to thrive.

Bury has been chosen as the first local economy pilot for the programme. Over the next three years, Demos Projects and Barclays will be working closely with Bury Metropolitan Borough Council, local schools and colleges, local businesses and business groups.

Last month, in partnership with Bury Council and The Growth Hub, the Bury business community were given practical advice on funding and general business support at a business event in Bury.

This is the first in a series of events to be held in Bury to support Barclays’ Building Thriving Local Economies initiative.

Ashleigh Smith
Article by Ashleigh Smith
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