Business loan providers unite to fund construction firm’s growth with six-figure boost

The entrepreneur behind the transformation of Wolverhampton’s iconic Express & Star building has secured six-figure funding from four Midlands lenders to support the growth of his contracting business.

This includes an invoice finance facility from FlexABL, alongside debt funding from the Midlands Engine Investment Fund II through fund managers Frontier Development Capital and BCRS Business Loans, together with a term loan from ART Business Loans.

Together, the lending facilities will provide Benedict Anslow (pictured), the managing director of BAX Construction, with the working capital to take on larger local authority and commercial construction projects across the West Midlands.

The business has recently secured seven-figure contracts with Wolverhampton and Sandwell Councils to improve social housing. It now employs 20 staff and around 100 contractors.

Over the past five years it has achieved an eight-fold increase in turnover to over £7.5m and aims to reach £10m in the year ahead.

Founded in 2020, BAX Construction provides refurbishment, maintenance and construction services.

The company specialises in local authority and social housing work, including kitchens, bathrooms and roofing, alongside commercial refurbishments and urban regeneration projects.

Alongside its contracting activity, the company is also leading the regeneration of the former Express & Star building on Castle Street.

As part of this transformation, it has created Fused, a wellbeing centre that houses 14 independent businesses, including a hair salon, tattoo and podcast studios, as well as its own café.

Benedict self-funded the business from launch, growing the company without external lending before accessing finance to support its next stage of development.

Benedict Anslow said: “Our growth has been exponential and this funding gives us the backing to keep pushing that further. Cash flow is everything.

“You can be as profitable as you want as a company, but you need the capital to grow. I’ve got strong support from FlexABL and the other lenders now too. Looking ahead, we could be doing £10 million next year.”

FlexABL’s relationship with BAX began through an invoice discounting facility introduced by Select Business Finance.

As the business has grown and its working capital requirements increased, FlexABL has agreed to implement a much-improved invoice discounting facility up from £300,000 to £500,000, alongside term lending from ART Business Loans, BCRS Business Loans and Frontier Development Capital.

The collaboration is part of Midlands SME Finance, a network of experienced, regionally focused lenders working together to help Midlands businesses access the right finance to grow, thrive and achieve their ambitions.

Through collaboration, lenders can combine their specialist expertise to create flexible finance solutions for businesses with more complex or evolving needs.

The funding was delivered by an all-female team from FlexABL, ART Business Loans, BCRS Business Loans and Frontier Development Capital, bringing together expertise from across the Midlands SME finance community.

Roz Haque, business lending manager at ART Business Loans, added: “No one lender could have done the whole thing alone, so it was about bringing us all together to find the right solution for the client.

“It was a lovely business to work with, with a young, dynamic director and a company delivering real social impact.

“The numbers are only half the story. The other half is getting to know the people behind the business and doing the right thing to help them grow.”

Lynn Wyke, senior business development manager at BCRS Business Loans, noted: “We put a plan in place to help Benedict Anslow in the long term, taking a 12-month view of his cash flow position rather than just focusing on the next two or three months.

“His passion is undoubted and the company’s clearly got a great future ahead. From our perspective, it was about making sure the funding structure works for the business as it continues to grow.”