Country Durham-based PLG Glass purchases manufacturing and head office facility with £1.3 million funding package
Firm to increase turnover by 30 per cent over next two years
Four new permanent jobs created as manufacturer plans to boost output
A County Durham glass manufacturer is set to boost its turnover by 30 per cent after acquiring its existing property, with the support of Lloyds Bank Commercial Banking.
Part of the United Glass Group Ltd, PLG Glass purchased its 50,000 sq ft Mill Hill premises last month, using a £1.3 million term loan provided by Lloyds Bank. The deal has enabled the firm, which specialises in manufacturing architectural glass to lower its overheads releasing additional working capital that it intends to use to accelerate its expansion plans.
Since buying the property the firm has created four new permanent roles as it looks to boost capacity to meet growing customer demand and reduce lead-times. As a result, the business expects to achieve a turnover of £4 million by 2020, a 30 per cent increase compared with 2018.
Mark Harrison, director of United Glass Group Ltd, said: “When the opportunity arose to buy the premises, we immediately recognised the long-term financial benefit it would deliver, providing the business with the flexibility and long-term security we need to push ahead with our growth plans.
“Since expanding into our current site in 2017, the company has gone from strength-to-strength and we’ve grown both our client base and product range.
“We’ve worked with Lloyds Bank for seven years, and it has been by our side for every phase of our growth. Not only has the relationship team supplied the tailored funding we’ve needed to expand, but the personable guidance and expertise the bank has provided has been a vital source of support.”
Mark Smith, relationship director at Lloyds Bank Commercial Banking, said: “PLG Glass is an example of a dynamic business that is constantly looking for new opportunities to build on existing success.
“The past few years have been difficult for firms in the glass manufacturing sector, with raw materials shortages making it challenging for many. However, thanks to the ambition and drive of the management team, PLG Glass has bucked this trend, and the past two years have been a huge success.
“At Lloyds Bank we’re committed to providing the tailored funding that firms need to prosper, which is why we’ve pledged to provide £700million of new lending to North East firms in 2019.”
Issued on behalf of Lloyds Bank Commercial Banking
- Lloyds Bank Commercial Banking provides comprehensive expert financial services for small businesses, mid-sized businesses and multinational corporations.
- Maintaining a network of relationship teams across the UK, as well as internationally, Lloyds Bank Commercial Banking delivers the mix of local understanding and global expertise necessary to provide long-term support to its clients.
- Lloyds Bank Commercial Banking offers a broad range of finance beyond term lending and this spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. Its product specialists provide bespoke financial services and solutions, including tailored cash management, international trade, treasury and risk management services.