Euxton tile firm secures seven-figure investment

The Euxton-based Earle Group has secured seven-figure funding to support its ambitious growth plans.

The company trades under the names of Euxton Tile Supplies (ETS), Spectrum Tiles and Penrith Tile Centre, together employing 32 with a forecast turnover of £10m.

ETS was founded in 1950 as a family run business supplying tiles to both retail and trade in the North West.

In 2018 Julian and Sarah Palmer acquired ETS and under their guidance has completed a number of acquisitions including Marshalls Interior Tile & Stone in July 2019 which gave ETS a national distribution offer. This was followed by the purchase of Penrith Tile Centre in October 2019, and a further acquisition of Spectrum Tiles Limited in October 2021, giving the group a new route to market through the merchant sector with an external porcelain paving offer.

This new finance offer will be used to support the business with future plans including stocking of new lines for the coming season to support the planned growth through the merchants sector with groups recent membership of NMBS and IBC buying groups. It will also enable an expansion of its geographical footprint into the South East.

Julian Palmer, managing director of Earle Group, said: "Despite the challenges of the pandemic and ongoing economic climate, the group still has growth aspirations.

"This investment will give us the ability to drive further growth in the group and realise our medium term ambitions of growth through the independent merchant and tile sectors."

 Accountancy firm Azets supported The Earle Group in securing the funding from ABN Amro.

Phil Empson, director of funding and strategic partnerships, at Azets said: "Earle Group has been a long standing client of Azets and it’s great to be able to secure them the funding which will underpin their growth plans.

"The group is well placed to take advantage of the surge in new housing construction together with the continued post -pandemic home improvement boom.

“Against a backdrop of uncertainty as a result of the challenging economic climate, my remit was to find a finance partner for them to support their growth ambitions. It’s a tough time for businesses but this investment demonstrates that there is accessible funding out there."

Dave Rushton of ABN Amro said: "Through our Invoice Finance and RLS loan products, Earle has facilities that will grow with them and a funding partner committed to providing sustainable lending."