Arbuthnot Commercial Asset Based Lending (ACABL) recently provided a custom working capital refinancing facility for AJ Moran Ltd, a major contractor in the Thames Valley new-build housing market, focused on dry lining and plastering. AJ Moran, which has operated for more than fifty years out of its headquarters in Pangbourne near Reading, offers a range of specialised services. These include metal fixing, tacking, screeding, rendering, dry lining, and plastering.
AJ Moran, despite a strong financial track record and steady profitability, encountered a challenging situation when their bank announced its exit from the construction industry. Seeking a replacement finance provider, AJ Moran’s management team quickly turned to Arbuthnot Commercial ABL, relying on an established relationship with its senior team. Arbuthnot responded efficiently by creating a receivables finance solution tailored to AJ Moran’s needs within a short timeframe.
Peter Melton, Managing Director of AJ Moran, noted how the process with Arbuthnot was straightforward from the outset. Melton highlighted that Arbuthnot’s senior team offered a prompt assessment and proposed terms within days. He appreciated the access to senior decision-makers, a feature that stood out compared to previous banking arrangements. Melton also expressed confidence in the partnership, acknowledging that the relationship-based approach offered by Arbuthnot aligns well with the nature of their industry, where reliable contacts and market connections are critical. With Arbuthnot’s support, Melton looked forward to future prospects, observing positive trends in market confidence, effective cost management, and strengthened distributor relationships.
Andrew Rutherford, Commercial Director at ACABL, remarked that AJ Moran’s return to Arbuthnot’s client portfolio was met with enthusiasm. He praised the long-standing partnership with AJ Moran’s management, which facilitated the delivery of a customised solution on a tight schedule. Rutherford further commented on ACABL’s commitment to supporting established firms in the construction sector, especially as other lenders withdraw. He expressed optimism about contributing to AJ Moran’s continued success during this promising phase for the new-build housing sector.
The refinancing agreement with Arbuthnot underscores the company’s ability to provide responsive and reliable financial support to firms within the construction sector, helping them navigate challenges and capitalise on growth opportunities.
Arbuthnot Banking Group PLC (LON:ARBB), trading as Arbuthnot Latham, provides private and commercial banking products and services in the United Kingdom. Founded in 1833, Arbuthnot Banking is based in London, United Kingdom.
