It is still in talks with other potential lenders about a larger deal “more appropriate to the size and nature of the group’s businesses and risk profile.”

Nmcn has secured an 18-month finance package of up to £8.9m with Reflex Bridging Limited secured against the company’s property development projects.

The firm’s overdraft facility with Lloyds Bank has also been updated to £12.3m and extended until 31 May 2021.

Nmcn also confirmed that its 2020 Preliminary Results will be delayed until the end of June to “allow sufficient time to conclude the refinancing and take into account the inherent inefficiencies of preparing audited results under Covid-19 restrictions.”

The Enquirer revealed last week that subcontractors have been hit by late payments by the firm.

Nmcn apologised for the delays while it arranged refinancing.

One subcontractor said: “It seems they have got their hands on some more cash now so let’s see how much goes down the supply chain.”