Helping businesses in the South West

Investment Enables Expansion for Solo

SwigSolo04

Local builders merchant, Solo Building Supplies has gone from strength to strength following investment for business growth.

Founded by Andrew Dommett, 50, Archmartin Ltd, trading as Solo Building Supplies launched out of warehouse on Longrock Industrial Estate in August 2008 with 10 employees. With over 20 years’ experience in the sector, having previously run Cape Building Supplies in St Just, Andrew wanted to move away from just running a building supplies company and create Solo Building Supplies as a brand.

With ambitious plans for business growth, the company were successful in accessing a combined funding package of £280,000 from Lloyds Bank and SWIG Finance in August 2014.

Following the investment, Solo Building Supplies negotiated a new space for their Longrock site as well as expanding to a new unit in the Hayle Industrial Estate with 27,000 square foot of undercover storage alongside improved access to the A30.

Company secretary and advisor, Graham Ashton supported the business in making the funding application.

He said: “We have grown the company turnover from £1 million in 2009 steadily to £4.5 million in 2014 and we hope to consolidate that in the next financial year following the investment and business changes.

“We appraised the business future and saw that although sales were acceptable, high overheads meant we weren’t profitable in such a competitive sector.

“We decided to stop supplying kitchens and bathrooms and instead focus on our core business of supplying local builders with high quality building supplies, which has made a big difference to our operation.”

As an independent merchant, Solo Building Supplies is able to offer a greater variety and choice to customers and with a fleet of small trucks are able to deliver to customers working on renovations or projects down narrow country lanes.

Managing Director, Andrew Dommett said: “The investment has enabled us to grow our team to 31 employees as well as expanding our operation.

“The help we had from SWIG Finance and Lloyds Bank was invaluable and we’re really pleased with the growth of the business so far and hope to continue to move the business forward in the future.”

Managing Director of SWIG Finance, John Peters supported Solo Building Supplies with their application. He said: “Last year we supported almost 100 businesses in Cornwall with finance and we continue to welcome applications from other Cornish enterprises, whether a start up or growing business seeking £500 to £100,000.

“Andrew’s business is an excellent example of how SWIG Finance can work alongside other funding partners to ensure our clients are able to access the finance they need for the success of their business. We wish Solo Building Supplies every success in the future.”