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08 April 2015

OBAS UK eyes up future growth thanks to substantial loan from The North West Fund for Loans Plus

Press Release 8th April 2015

It already supplies the UK's builders, plumbers, painters and decorators with tens of thousands of products and now OBAS UK has further expansion planned. 

The Lancashire-based company is funding its expansion with a six-figure loan from The North West Fund for Loans Plus managed by FW Capital.

While OBAS has customers throughout the UK, it also has a strong local presence in Lancashire. OBAS is using the loan to upgrade its Longridge headquarters and open a new trade counter to increase local sales. 

In addition, the company will use the loan to develop its online presence and increase stock levels to boost its UK customer base with plans to broaden its range of own-brand products.

The loan from The North West Fund for Loans Plus, which is financed by the European Regional Development Fund and the European Investment Bank, provides OBAS with an important injection of growth capital.

"The key industries we supply have all been through tough times in recent years, but we've traded through this and built a sustainable business.  We're now ready to re-launch our vibrant brand and expand both locally and nationally. 

"The loan from The North West Fund for Loans Plus has provided the capital we need to make our plans a reality.  We're opening up a new local trade counter, introducing key accounts as well as ramping up our online activities. We'll also be taking on some new specialist staff," explained OBAS's Chief Executive, Norman Tenray.

Originally a family business established over 25 years ago, significant investment in 2008 enabled OBAS to acquire four companies and grow into the company it is today.

Since 2008 OBAS's management team have boosted OBAS's product range by increasing the company's supplier base and focusing on brand development. A focus on customer service has also improved customer loyalty.

FW Capital Senior Investment Executive, Andy Traynor made the loan to OBAS.  He said: "Norman and his team have transformed OBAS since 2008 and the investment they've made in the business is paying off.  OBAS now has an extensive, competitively priced product range and a reputation for superior customer service.

"Despite facing some difficult trading conditions over the last few years, OBAS's sales revenues have risen steadily and today it has over 26,000 customers.  The loan from The North West Fund for Loans Plus has provided the capital to implement the next stage of the company's growth plan." 

With the construction industry accounting for around 6% of the UK economy and residential
construction at its highest level for 18 years, OBAS is now well-placed to take advantage of improving economic conditions. 

The North West Fund for Loans Plus can lend between £50,000 and £750,000 in a single round for North West-based businesses.



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