CLS Offshore Buys Fabrication Facility with Barclays’ Support
Barclays has supported CLS Offshore Limited with a £2m loan through the Funding for Lending Scheme to purchase their unique quayside fabrication facilities and business premises at Gorleston, Great Yarmouth. In addition to the aforementioned loan, Barclays has also provided various trade finance facilities to support the longer term growth strategies and plans of CLS.
CLS Offshore is an awarding winning total solution provider to the oil, gas, marine and renewable industries. The complete onshore and offshore services include, but are not limited to, Surveys, Design, Fabrication, Testing, Installation, Commissioning, Maintenance, Repair, Asset Integrity, Modification, Decommissioning, Recruitment Services and complete Project Management.
Over the past eighteen months, to support long term strategies, CLS Offshore has gone through a period of transition which has included changes at board level, simplifying processes and introducing new divisions such as a Recruitment Service and a dedicated Electrical and Instrumentation team.
Scott McMillan, Managing Director of CLS Offshore, said “Being able to own our facilities underlines our commitment to the company’s growth, and Barclays played a key role in this. During the current year we have been able to reinvest over fifty percent of company profits back into the business, to support our long term growth aims and objectives.”
Barclays has responsibly increased lending by £7.49bn since the Funding for Lending Scheme began, supporting businesses and households with access to finance to grow their business, buy a new home or improve their quality of life.
Steve Webb, Relationship Director at Barclays said: “This is a great example of a well managed company thriving in the current climate and investing for future growth. The loan we have supported under the Funding for Lending Scheme also provided the company with a 2% lump sum cash back that enabled the company to plan with confidence going forward. We would be pleased to talk to any businesses who are thinking of investing in their business.”
Source: CLS Offshore, November 06, 2013