Fast-growing building maintenance firm Enterprise has doubled the amount of money it can borrow from its banks to £100m. It intends to use the funds to fuel further expansion
Finance director Nick Kirkby said that he had signed indicative terms with two banks, HBOS and Barclays, to raise its available credit from £51m to between £90m and £100m.

Kirkby said: "We won't go legal on the agreement for some time. We've organised it, but don't want to pay fees on the facility yet."

When the banking facilities are activated the cash will be used for acquisition and working capital. The growth of Enterprise in recent years [see graph] has already propelled its chairman, Owen McLaughlin, into the top 150 of the Sunday Times list of high earning executives.

Despite the growth, Enterprise looks unlikely to move from the alternative investment market to a full listing in coming months, although this remains its aim.

Enterprise this week announced a pre-tax profit of £16m in 2003, up 23% on the previous year. Turnover was £303.5m, an increase of £31m.

The company has recently made a number of appointments to its board. Last week, Jack McGrory, a former executive of Mowlem's facilities management arm, took over as chief executive.

In February, Enterprise announced that its joint venture with Liverpool council, Enterprise–Liverpool, had taken over a social housing maintenance contract. It has previously been held by Interserve.

  • Materials distributor Wolseley, which has a supply contract with Enterprise-Liverpool, has announced a pre-tax profit of £226m for the six months to 31 January, 21% up on the same period last year. Group sales were up 22% to more than £4.8bn.

    Wolseley aims to have more than 1500 outlets by the end of the financial year, an increase of 40.