Lincolnshire's Fox (Owmby) Ltd have won a £4million
contract with Cemex UK which has boosted the company's revenues
following the negotiation of extended working capital facilities
with their banking partners RBS.
Fox (Owmby) Ltd are a family owned civil engineering business,
which was originally established in 1929. It has had three
generations of family experience at the helm as the company has
built itself into specialists in earth moving and civil engineering
contract services. They have clients throughout the UK across both
the public and private sectors. Currently they have over 150 full
time employees based at their Caenby Hall premises in Market
Rasen.
Cemex UK are a leading supplier of cement and ready mix concrete
solutions. The contract which is over 32 weeks is a major win for
the company and will see Fox supply plant, transportation,
restoration of former workings and civil engineering expertise.
RBS have extended working capital facilities to support the
project and allow Fox to fund the contract in the most cost
effective manner.
Speaking of the contract win and its impact on his business,
Stephen Fox, managing director said: "This is one of the largest
contract wins we have registered for sometime. The recession has
undoubtedly had an effect on the construction industry but we have
kept our resolute approach of focusing clearly on our clients and
their needs to continue to drive the business in a positive
direction. This provides additional security for the business, but
we had to ensure we funded it in an appropriate manner so that it
did not impinge on our existing working capital lines, but also
allowed us to resource effectively to meet the contract demands in
a cost and time efficient manner. Whilst economic conditions remain
tough, we feel a positive outlook for the immediate future and feel
we can build upon this contract to drive the business into new
markets as we move towards 2012."
Sue Sutcliffe, relationship director at RBS who arranged the
funding added: "We have worked with Stephen and his management team
for the last 15 years so have a clear understanding of the
company's strategy. With this funding it allows the company to meet
their contract obligations without impacting on their other
operational requirements."