Making a water proofing company financially water tight
Angelsey based business with a short term loan to future proof their business
At a glance:
- Family-owned industrial roofing contractor
- 12-month business repayment loan
- Loan required to fund new contracts
Established in 1970 as Anglesey Asphalt Company, AAC has been trading in its current format since 1989. Specialising in commercial and industrial roofing, AAC founder Ian Parry during the 80s saw the changes which needed to occur to take flat roofing into the future. Using asphalt became more difficult as competition and regulations increased. Ian decided to search for safer, cleaner, more efficient alternative options. During his search he discovered Prelasti EPDM, which was developed by tyre manufacturer Pirelli. This system allowed roofs to be covered more efficiently but also with less health and safety considerations to implement and manage. AAC Waterproofing Ltd has the UK distribution rights for the Prelasti system.
The Prelasti membrane is made-to-measure by vulcanising sheets at the factory on Anglesey. The advantage of this is that it reduces the likelihood of joint failure, reduces the amount of time spent onsite and ensures that a roof becomes watertight sooner.
In 2014 a management buy-out of the business took place so that Ian could retire. The deal however left the business in a precarious position and with significant write offs. Ian and his daughter, Laura once again took control of the business and started to rebuild it with a new team including current Managing Director, Andy Porter. During the last few years their tenacity and hard work has started to pay off. Their order book has been growing steadily and this year they have experienced a flurry of new contracts ranging from £50k -£230k.
These substantial contracts required cash flow at the front end to fund materials and labour to enable the business to fulfil their contractual obligations. And that’s where Catalyst stepped in. We were able to provide a 12 month cashflow loan to help them manage their cash flow and in turn help the business to continue their growth potential.