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UK -- Glass company is still shining

Post Time:Dec 11,2008Classify:Industry NewsView:429

A COLNE Valley company is on track to take turnover to £4m this year after investing in new equipment.

Specialist Glass Products, formed in 2003, operates from a 25,000sq ft site in Milnsbridge Business Centre, Milnsbridge, and has worked on major projects including Manchester and Gatwick airports.

Last year, the business spent £850,000 on new equipment to enable it to produce glass and offer quick turnaround times for complex and bespoke orders.

As a result, the firm has won major tenders such as a £100,000 contract to supply toughened glass for Liverpool John Moores University – despite challenging economic conditions for firms supplying the construction industry.

The company has also increased its workforce to 33 and expects to need extra staff and equipment over the next 12 months to meet demand.

The firm’s ongoing working capital needs are being supported by an asset-based lending facility from Lloyds TSB Commercial Finance, which funded the new equipment.

Lloyds TSB is also working closely with management to support the company’s expansion.

Andrew Taylor, director of Specialist Glass Products, said: “The current economic climate is having a major impact on many firms that supply the construction industry.

“Despite this, we’re focusing on ensuring we have the capacity to offer quick turnaround times, even on major projects.

“The team at Lloyds TSB has taken the time to understand our ambitions. Its support is crucial to our ongoing development.“

Graham Irons, relationship manager at Lloyds TSB Commercial Finance, said: “Last year’s investment has dramatically improved turnaround times and with market conditions becoming more challenging, it’s this proactive approach to securing a competitive advantage that will set firms like Specialist Glass Product apart.

“Our flexible facilities have released the value held in the company’s existing assets to support the purchase of equipment and are in place to match the business’ funding needs as it continues to expand.”

Source: examiner.co.ukAuthor: shangyi

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