Canute turns tide with £13m bank backing
Barclays has supported supply chain operator Canute Group with banking facilities of £13 million, allowing the company to buy a new warehouse in Great Blakenham, Ipswich.
The warehouse will be used to develop further strategic business opportunities and provide added value to new and existing customer relationships.Canute Group, based in Essex, was established in 1977 as Canute Haulage Limited, with two vehicles collecting and delivering brick and block for local builders in the Purfleet area.
By 1979, the company had won its first significant building materials contract operating out of Linford, Essex. This enabled the company to expand its fleet to twenty vehicles. Within five years, Canute's turnover had grown to over £2m, graduating from a regional to a national contractor.
Today, Canute Group has a turnover of £80m and is one of the fasted growing specialist global supply chain operators. It has 11 offices across the UK and Ireland, and Global partners across the world.
Steve Ely, Canute’s FD, said: “The growth potential of the group could only be realised with a banking partner that was in union with management’s aspirations. This led to our strategic move away from our previous relationship of 34 years and we are delighted to be working with Barclays to enhance our position in the market.”
Steve Pleass, corporate banking relationship director at Barclays added: “Canute Group is a real success story that has been built up over many years of hard work. They company continues to grow through new opportunities and markets both at home and abroad.”