Mike Cuddy (left) with Joe Wilson (Lombard)
Cardiff, January 2009: The Cuddy Group has secured £300K of funding from Lombard, to allow it to service a new contract at Wenvoe Quarry in Cardiff.
The new contract from Cemex required Cuddy to resource some new equipment and the company has purchased a stone crusher and screener to allow it to process 10,000 tonnes of "blast" stone per week.
The, multi-disciplinary business is run by Mike Cuddy, brothers Mike and John started the business in 1985 and today it employs more than 250 people from its base at Llandarcy in Neath Port Talbot.
The company has four divisions comprising civil engineering, demolition and decommissioning, asbestos removal and plant and transport hire. The company holds the ISO 9001 and 18001 accreditations and earlier this year it was awarded the prestigious ISO 14001 Environmental Management Standard, which recognises its effectiveness in addressing green issues and waste reduction.
In addition to the contract at Wenvoe, Cuddy has been heavily involved in two other major projects in Cardiff - the city centre-based St David's retail development and the sports and retail park at Leckwith. Outside of Wales the company has recently completed works at Leeds, Sheffield, London, Liverpool and Edinburgh and has successfully established itself as a national contractor.
The business was seeking finance to allow it to purchase the new equipment and worked closely with Joe Wilson from Lombard, the asset finance arm of the RBS Group. Lombard worked with the Cuddy management team to gain a full understanding of the assets and funding needs throughout the process, and provided a three year term hire purchase agreement.
Mike Cuddy, Managing Director, Cuddy Group, commented:
"This is a significant new contract for the business and I am delighted with the opportunity it creates.
"I am grateful to Joe Wilson and his team at Lombard who by really understanding the needs of our business and demonstrating their expertise, were able to provide a bespoke finance solution at the time that we needed it."
Joe Wilson, Relationship Manager, Lombard Corporate, Wales commented:
"The new equipment presents a great opportunity for Cuddy's. We at Lombard have been impressed with business acumen displayed by
this dynamic business and look forward to working with Mike and his management team moving forwards."
For more information contact:
Caroline Hill
07796 182703
Caroline.j.hill@rbs.co.uk
Notes to Editors
Lombard is the asset finance
division of The Royal Bank of Scotland Group.
The Royal Bank of Scotland Group ("RBS Group") is one of the world's leading financial services companies providing a range of retail and corporate banking, financial markets, consumer finance, insurance, and wealth management services. RBS Group operates in Europe, the US and Asia Pacific serving more than 36 million personal customers world-wide and employing more than 140,000 people. In addition to the provision of a full range of banking services under The Royal Bank of Scotland and NatWest brands, RBS Group also includes Citizens Financial Group, Ulster Bank, Coutts Group, Direct Line and Churchill.
