St Neots-based start-up business SOS Leak Detection has received funding from RBS and Lombard to assist increased demand for their services. They have put facilities in place to assist with cash flow and an increase in the company’s fleet of vehicles from seven to 15 that will provide a flexible short-term solution for the company.
RBS and Lombard facilitate growth for Cambridgeshire start-up
Based on the Colmworth Business Park in St Neots, SOS Leak Detection was formed as a separate entity at the end of 2013 by Partner, Nik Day, before previously operating as a division of Secure Valeting, selected by the Sunday Times as one of Britain’s fastest growing companies. The company is showing good signs of growth and potential and already displays a team of nationwide engineers. Each operative has a well-kitted out van and goes to sites where there is water damage but where the cause is unclear. By using the latest technology such as infra-red they find the source with minimal damage. They also help with drying out and advising on solutions to further complement their service offering.
SOS Leak Detection required a banking partner that could assist with their financing needs to increase their workforce vans from a fleet of seven to 15 and assist with enhancing their cash flow. Paul Marks, Relationship Director at RBS, was brought on board to deliver working capital support. Paul worked alongside business partner Lombard to structure an asset finance package. Through collaboration they have met all of SOS Leak Detection’s requirements.
Nik Day, Partner at SOS Leak Detection explains, "Since 2012 the company has been on a great upwards trajectory in terms of growth, which is all very positive in today’s climate. We reached a point where we needed to inject further capital into the business to meet the demand from our customers and support our increasing turnover.
"We have been pleased with the support from RBS and Lombard. We look forward to taking delivery of our new fleet of vans to allow our workforce to reach our customers across the UK. I couldn’t be more delighted at the direction SOS Leak Detection is heading and I am excited about what the future holds.”
Paul Marks, relationship director at RBS, added, “SOS Leak Detection are proving to be quite a success story and one I am proud to be associated with. Working alongside Lombard is testament as to what the bank can offer as a one-stop shop and I know Nik was delighted with this service. I wish Nik and the SOS Leak Detection team well and look forward to supporting them as the company continues to achieve positive results.”
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The Royal Bank of Scotland is a major financial services group providing a range of retail and corporate banking, financial markets, consumer finance, insurance, and wealth management services. Locally RBS has a strong presence in the technology sector.