Modular building firm expands after funding deal

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Essex-based modular building firm has expanded due to a new funding deal with the Royal Bank of Scotland and Lombard…

Four new depots and more than 4,000 portable accommodation units have been purchased by a manufacturer and hirer of modular buildings.

Essex-based firm Wernick Group, which employs over 600 members of staff, invested £35m to buy sites in Glasgow, Bristol, Dewsbury, and London.

Part of the funding came from the Royal Bank of Scotland and the bank’s asset finance arm, Lombard. Director of structured finance Ben Dawson and Essex corporate director David Cox led the RBS team, while relationship director Noel Williams led the Lombard team.

The group, which was founded over 80 years ago, already operates 30 hire depots, five divisional sales offices, and three specialist event hire depots.

Group chairman David Wernick said: “We are delighted to announce this investment, which has once again has been delivered with the support of our partners, Royal Bank of Scotland and Lombard.

“Relationships are extremely important to the success of our business and Royal Bank of Scotland has consistently proved themselves to be a supportive partner.”

In December 2014, Wernick reported group sales of £93m.

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