Pictured above: (l-r) Carl Enticott and Nigel
Arnold
A Rugby-based swimming pool and fire place business is making
waves across the region after an employee secured a six-figure loan
from Lloyds TSB Commercial, to acquire the company.
PROGRESSIVE FOR ALL SEASONS installs, services and repairs
swimming pools for domestic and commercial clients across the
Midlands. It also fits modern heating systems maintain water
temperature that reduce the running costs for customers.
The business - which currently employs five people - also sells
and installs gas fires and accessories, allowing them to serve
clients in all seasons.
Progressive has been in operation for almost 40 years and has
been acquired by Carl Enticott following the previous owner's
retirement earlier this year. Carl worked for Progressive for nine
years as a contracts manager and engineer, so has extensive
experience and knowledge of this specialist business.
Lloyds TSB Commercial helped Carl buy the business with a
Government-backed Enterprise Finance Guarantee loan along with a
mortgage to purchase the premises.
The EFG helps small businesses with a workable business
proposal, but lacking sufficient security, to borrow money from
approved lenders. The Department for Business, Innovation and
Skills provides a partial guarantee for the loan.
To date Lloyds TSB has offered over 4,000 EFG loans, worth
£317 million - 30 per cent of all loans granted through the
scheme so far.
Carl Enticott, director at Progressive, said: "It has been a
very exciting year for the business. I thoroughly enjoy working in
both industries, so when the opportunity came up to purchase
Progressive, I jumped at the chance.
"The funding I have received from Lloyds TSB Commercial has
allowed a smooth transfer of the business from the previous owner.
I have ready-made premises and an established client base to secure
my future while continuing to drive the business forward.
"The swimming pool side of the business has been extremely busy
over the past few months, thanks in part to the surprisingly good
weather we've had. It's great to be able to hit the ground running
so soon after embarking on this new venture and we expect to be
able to further grow the company over the coming year."
Nigel Arnold, relationship manager for Lloyds TSB Commercial,
said: "Progressive has an excellent reputation across the Midlands
and we are pleased to be able to support Carl in carrying on their
success.
"Carl came to us with a well thought-out business plan and a
real desire to succeed in an industry in which he has a wealth of
experience. It is great to see him so busy so early on, and we are
sure that the business will continue to thrive under his
management.
"Lloyds TSB is committed to providing guidance to anyone looking
to embark upon a new venture and the EFG loan is perfect for those
who want to acquire a company, have a robust business plan, but
don't have the security to borrow the money they need."