Building Services Company Receives Support From Natwest

Following the successful acquisition of several key customer accounts, NatWest has provided a funding package with six figures to a Sheffield-based building services company so that it can move forward with its targeted expansion plans.

The construction industry is served by LX Engineering (North), which specialises in providing services for mechanical and electrical building systems. It currently has 25 staff members working across offices in Sheffield and Leeds, and additional recruitment is planned to take place within the next twelve months to accommodate the growing number of projects.

The funding from the bank will be used by the company to support a number of contracts over the next twenty-four months that are collectively worth up to twenty-five million pounds. It is anticipated that the annual turnover will increase to £18 million within the next two years.

LXEN will finish projects with values ranging from approximately £500,000 to £10 million. These projects will be completed in both the private and public sectors, and will include things like residential developments, commercial offices, schools, and contracts for the Ministry of Justice.

It also has a well-established apprentice training and graduate scheme, and it is currently in the process of recruiting two new apprentices as part of its programme across Sheffield and Leeds. This is being done in both of these cities.

Tim Sadler, the commercial director of LXEN, shared the following statement: "Since we took over the business in 2015, it has grown steadily, and we have built on our reputation as a dependable and proactive mechanical and electrical engineering services firm."

"NatWest has played a significant role in this expansion, and the financing that they have provided has provided us with a solid foundation on which we can build and progress new contracts while also providing year-round support for the business. We are looking forward to a prosperous new year as we continue to move forward with our exciting plans for the future.

"Over the past four years, LX Engineering has experienced incredible growth," stated William Islip, relationship director at NatWest. As the company continues to expand, the funding from NatWest will provide financial backing to maintain short-term operational needs, and we look forward to continuing to support the company in the future.

LXEN was initially a subsidiary of Longcross Group, but in 2015 its current directors, Tim Sadler, Phil Wainwright, and Martin Womersley purchased the business and converted it into a privately held one. LXEN's history dates back more than 20 years.

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