Entrepreneur secures six-figure funding for construction business

Benedict Anslow of BAX Construction has secured an invoice finance facility from FlexABL, alongside debt funding from the Midlands Engine Investment Fund II through through fund managers Frontier Development Capital and BCRS Business Loans, together with a term loan from ART Business Loans.

It will enable BAX to take on larger projects and follows its recent success in securing seven-figure contracts with Wolverhampton and Sandwell Councils to improve social housing.

Founded in 2020, BAX 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. 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, BAX is also leading the regeneration of the former Express & Star building on Castle Street, and has transformed part of the site into Fused, a wellbeing centre that houses 14 independent businesses including a hair salon, tattoo and podcast studios, as well as its own café.

Benedict Anslow, Managing Director, 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.”

Abbie Talbot, Investment Manager at Frontier Development Capital, added: “Ben is one of a new generation of talented entrepreneurs we are seeing in the West Midlands. He is passionate about making a difference within the community and has the vision to identify opportunities. The launch of Fused is bringing new life to Wolverhampton town centre. This funding will support the growth of his construction business and its ongoing work to upgrade the region’s social housing stock.”

David Tindall, Senior Investment Manager at the British Business Bank, said: “We are pleased to have supported BAX Construction, providing the funding that will help the business respond to demand and play an important role in delivering improvements to housing and commercial projects across the region.

“BAX Construction is a great example of the type of ambitious, growing business that the Midlands Engine Investment Fund II is designed to support. Benedict and the team have built a strong reputation within the region, and this funding package will provide the working capital needed to help them secure and deliver contracts, create new opportunities and continue their growth journey.”

FlexABL’s relationship with BAX began through an invoice discounting facility. As the business has grown and its working capital requirements increased, FlexABL has agreed to increase the facility from £300,000 to £500,000.

Kirsty Ibbotson, Director at FlexABL, explained: “This was a great example of collaboration across the Midlands SME Finance community, working alongside ART Business Loans, BCRS Business Loans and Frontier Development Capital to put the right finance structure in place for Ben and the business to thrive.”

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.”

Lynn Wyke, Senior Business Development Manager at BCRS Business Loans, noted: “We put a plan in place to help Ben 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.”

Chris Jones, owner of Select Business Finance, which provided fundraising advice, commented: “The business had grown massively over the previous couple of years, and it was clear that a loan of that size wasn’t going to come from one lender. This is a fantastic example of collaboration. We couldn’t have done it without everyone involved talking to each other and having a real desire to make it work.”