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21 February 2011
Family run Cornish property development firm set to build on success
Redruth-based property development firm Andrew Bros is set to complete the build on four houses in Lanner Hill after securing a £370,000 loan from Lloyds TSB Commercial.
Building houses for both the public and private sector, the business has worked on hotel extensions in West Devon as well as barn conversions, new builds and home extensions across Cornwall.
Andrew Bros was established in 1979 by brothers Frank and Rob Andrew and has steadily expanded, becoming a limited company in 2003 and employing the pair’s other brother, Peter, as a director.
During the build at Lanner Hill, the business became a victim of the recession as its bank, based in Iceland, collapsed. The business approached Lloyds TSB Commercial, which stepped in to provide financial support the company , allowing Andrew Bros to continue its work at the Lanner Hill site.
The five-strong business is now well placed for growth and is set to build four new properties in Indian Queens as well as others in the private housing sector.
Frank Andrew, director at Andrew Bros, said: “We pride ourselves on being a family run business with extensive knowledge of the area and years of combined experience in masonry and carpentry.
“Like many construction companies, we felt the effects of the recession, but with the help of Lloyds TSB Commercial we are now in a strong position to make the most of upcoming opportunities in the region.”
Michael Tonkin, relationship manager, Lloyds TSB Commercial, said: “Andrew Bros is a well established and highly respected construction company in Cornwall and it is a business we are proud to support.
“The business is in a strong position for future growth and the team understands how important it is for firms to keep evolving to remain at the top of the market.
“Employing local people and providing much needed quality housing to the Cornish people, companies like Andrew Bros are vital and I look forward to working with Frank and Rob as the business continues to grow.”
Building houses for both the public and private sector, the business has worked on hotel extensions in West Devon as well as barn conversions, new builds and home extensions across Cornwall.
Andrew Bros was established in 1979 by brothers Frank and Rob Andrew and has steadily expanded, becoming a limited company in 2003 and employing the pair’s other brother, Peter, as a director.
During the build at Lanner Hill, the business became a victim of the recession as its bank, based in Iceland, collapsed. The business approached Lloyds TSB Commercial, which stepped in to provide financial support the company , allowing Andrew Bros to continue its work at the Lanner Hill site.
The five-strong business is now well placed for growth and is set to build four new properties in Indian Queens as well as others in the private housing sector.
Frank Andrew, director at Andrew Bros, said: “We pride ourselves on being a family run business with extensive knowledge of the area and years of combined experience in masonry and carpentry.
“Like many construction companies, we felt the effects of the recession, but with the help of Lloyds TSB Commercial we are now in a strong position to make the most of upcoming opportunities in the region.”
Michael Tonkin, relationship manager, Lloyds TSB Commercial, said: “Andrew Bros is a well established and highly respected construction company in Cornwall and it is a business we are proud to support.
“The business is in a strong position for future growth and the team understands how important it is for firms to keep evolving to remain at the top of the market.
“Employing local people and providing much needed quality housing to the Cornish people, companies like Andrew Bros are vital and I look forward to working with Frank and Rob as the business continues to grow.”
Notes to editors
Notes to editorsLloyds TSB Commercial is a trading name of Lloyds TSB bank plc and Lloyds TSB Scotland and provides dedicated banking services for customers with an annual turnover of up to £15 million, from start-ups to established companies looking to grow.
Lloyds TSB was voted Bank of the Year for the sixth year running at the Real FD/ CBI FDs' Excellence Awards 2010 in recognition of the support it offers its business customers.
Lloyds Banking Group has over one million small and medium sized business and not for profit customers and has launched a three-year programme of support for SMEs.
The key points of the 2012 SME Charter are:
1. Lloyds TSB will encourage enterprise, boost access to finance and provide clearer and fairer pricing for customers – including a pledge to help 300,000 new start ups by 2012
2. Lloyds TSB will run a programme of 200 nationwide seminars every year for the next three years, to provide expert guidance and support for SMEs on starting up, employment, exporting, bidding for 2012 contracts, sustainability and finance
3. Lloyds TSB will agree to any reasonable request for competitive commercially-priced finance (whether short-term or long-term) from viable business customers
4. Lloyds TSB will not change the availability of overdrafts during the period of a customer’s agreement, as long as their accounts are kept within agreed terms and limits
5. The price of existing loans or renewed overdrafts will reflect the cost of funding. The margin Lloyds TSB charges over the cost of funding will only increase where there has been a material increase in risk (subject to a minimum 1.5 per cent over the cost of our funds). Lloyds TSB will be transparent about pricing and help customers understand the price of their facilities. Where margins increase, Lloyds TSB will provide a clear explanation of the reasons
6. Lloyds TSB’s fees will be competitively priced. And arrangement fees on loans and overdrafts will not be greater than 1.5 per cent of the overall value of the facility
For more information, please visit www.lloydstsb.com/business Back to top | More Lloyds TSB stories
