Baillie Reynolds Maintenance was launched in 2019 to serve the region’s social housing landlords – including councils and housing associations – by improving the quality of housing stock through non-discretionary measures required by law. These range from ensuring properties are free of mould and damp – issues which cost the NHS an estimated £2.5bn in treating respiratory conditions – to making a property accessible for a disabled tenant.
It’s work that managing director David Reynolds describes as “an arm around your shoulder”, and he clearly finds it deeply satisfying. “When staff enter a property where a problem has been ignored for a decade, they have to anticipate that the tenant will be peeved about that. We are the guys who will sort that stuff out and make their home better, and to leave with a handshake and a thank you is transformational in so many ways.”
CIEF is a £10 million facility funded by Triodos Bank UK and Better Society Capital. It has been made available to SWIG Finance via the fund manager, Social Investment Scotland (SIS) to support more micro and small businesses (MSMEs) in the South and West Country. This funding forms a part of a larger, now £72 million investment initiative, which aims to support MSMEs across England and Wales, bolstering local employment opportunities and economic growth.
The original plan for Baillie Reynolds was to establish a £5m/pa business in five years. Having started out working within a 30-mile radius of Somerset, Baillie Reynolds Maintenance has grown to cover an area stretching from Devon all the way up to Leicester and across to Northampton, with an HQ in Paulton, near Bath and satellite offices in Gloucester and Derby. “We work with clients who manage 100,000 houses, and when you do a good job in one area, they ask you to do the same thing somewhere else,” said David. “Of course you say yes, and you wind up expanding.”
However, lockdown and the ongoing impact of COVID resulted in the company filing losses for three consecutive years. “Our first anniversary of trading coincided with the announcement of the first lockdown. I had guys sat at home, vans on lease still being paid for, insurance bills – it hit us until August 2022, and cost us around a third of a million pounds.
“When my personal funds ran out, I invested my mum’s inheritance and still needed to borrow. The only gig in town came with 60 per cent interest, because we were considered subprime lending. It meant that every payment of £15,000 included £9,000 interest.”
Enter SWIG Finance, an award-winning responsible finance provider providing flexible loans and support to start-ups and small businesses with growth aspirations.
Funding through CIEF, which was made available to SWIG Finance in February 2025, has increased SWIG’s capacity for refinancing. Instead of using automated credit scoring methods, SWIG’s staff get to know its customers and assess each application on its current merit and future opportunities. This enables them to support projection-led businesses that demonstrate a stronger forecasted performance compared to previous years, unlike traditional lenders who base decisions on historical performance.
“The requirement for good quality social and affordable housing is huge, with housing associations developing stock at a historically high rate,” said SWIG Finance Business Manager Rachael Taylor. “The overall picture is one of increasing opportunity for Baillie Reynolds, with new locations and more jobs for local people.
“David was caught in a cycle, needing to take expensive short-term borrowing to manage his cashflow and growth. By refinancing the current debt levels, he was able to put the borrowing on a more affordable repayment plan, saving £14,000 per month and thereby aiding cashflow.
“It’s a reminder that businesses of all sizes are still feeling the aftermath of the pandemic – but help is available.”
David was introduced to SWIG by broker Wayne Bell at Aureum Finance, and both parties felt a natural synergy. “SWIG Finance’s purpose-driven values were well-aligned with our own values, and it was great to find a lender that cares as much as we do about generating positive social impact,” said David.
“While there was the due diligence you would expect – and coming out of COVID, our accounts weren’t at their strongest – the final decision to lend and support our works was not based on numbers, but on the fact that SWIG fully understood what we do and why we do it. It was refreshing and uplifting for us all – and especially for me personally.”
David now has ambitious plans for Baillie Reynolds Maintenance. Refinancing his debt levels has enabled the company to aim to reach its goal by 2026, and with projected year-on-year growth of 25 per cent, his new target is to achieve £10m/pa by 2031. The company has also been able to expand, with five new jobs taking the total headcount up to 54. “Our loyal and dedicated workforce can see the opportunity for personal and professional growth,” added David.
More immediately, the monthly savings will ease the burden of a National Insurance bill hike of £60,000. “It’s concerning, but it’s not insurmountable – and it’s not Covid,” said David, adding: “The impact of what SWIG did can never be quantified fully.”
That feeling is not dissimilar to that of tenants who finally have safe and comfortable homes thanks to the Baillie Reynolds team. “I love the feedback we get about the fundamental difference we make to the way people feel, and the acts of kindness shown by our staff – not because they are paid to do it, but because they are human beings who care.”
About SWIG Finance
SWIG Finance is a people-based lender that provides loans and support to help smaller businesses in the South and West Country grow. We base our lending decisions on potential rather than collateral, which means that we can often support businesses when others can't.
We’re growing every year. In 2024/25, we lent £14.8m to 501 businesses, helping to create and secure over 1,272 jobs and generate £75.7m in social impact. Download the report here.
If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: info@swigfinance.co.uk / 01872 227 930