Azets support The Earle Group on seven figure investment to expand business

Azets, the UK Top 10 Accountancy Firm, has supported The Earle Group, to secure

funding from ABN Amro to support its ambitious growth plans.

The Earle Group, owned by Julian and Sarah Palmer, trades under the names of Euxton Tile Supplies (ETS), Spectrum Tiles and Penrith Tile Centre. The group has 32 employees and 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 following Julian’s many years in the sector and experience as MD for similar companies.  It is now one of the largest independent tiling and bathroom showrooms in the North West, a one stop shop for all things tiles, bathrooms and accessories.

Further acquisitions took place in quick succession including that of Marshalls Interior

Tile & Stone July 2019 giving 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.

The group has its head office in Euxton (near Chorley) and further outlets at Easingwold (near York), Penrith and Poulton.

The finance will be used to support the business with its ambitious growth 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, Earle Group said

“I’d like to thank Phil and the team from Azets for their support in accessing finance and for facilitating the introduction to the funder. 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.”

Phil Empson, Director of Funding & 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”

“In certain sectors, businesses are finding it difficult to access support as a result of a lack of lenders appetite to fund or limited access to new lending. My advice to any business struggling to access funding is to speak to a professional to discuss the different options available.”

Dave Rushton, ABN Amro said:

“ABN AMRO are delighted to welcome Earle Group into our SME portfolio of clients. We look forward to supporting Julian, Zoe and the team with their growth strategy over the coming years. 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. Completing the deal with Phil and Azets was a pleasure, with efficient flow of information and effective support throughout the process. ABN AMRO Commercial Finance are committed to supporting UK SMEs with Asset Based Lending facilities and working with our clients and partners towards ESG sustainability, something clearly important to Earle in our partnership.”