North East-based construction company Tolent has secured a £12m lending facility to help strengthen its position after a challenging year.

The asset-based funding was delivered at pace by Independent Growth Finance to provide the flexibility needed to support the business as it overcomes the commercial challenges it faced due to the effects of the pandemic and the closure of its southern business in the same period.

The business, which is expecting to end 2021 with a turnover in excess of £200m, needed the right type of funding that matched its needs and ambitions.

Andy McLeod, CEO of Tolent,said: “There’s no denying that 2020 was a challenging year for us and many more within the industry. We have dealt with the reality of the pandemic bringing reduced site profitability across our portfolio and at the same time, feeling the strain of closing our southern operations. With the last year now behind us, securing this funding is a hugely positive step and allows us to look forward and reshape the business.”

Among its 53 live projects is the £85.5m Milburngate development in Durham, and a £26m Leisure Centre in Berwick, while it recently delivered the £25m Hadrian’s Tower in Newcastle.