A Durham glass manufacturer has sealed a £2m finance deal to fuel future growth.
Clayton Glass Limited, one of the UK’s largest glass manufacturers based in Stanley, County Durham, has secured the new funding from Santander UK to support its growth following the acquisition of Global Glass brand last October.
The sealed glass unit manufacturer operates across four separate sites and delivers nationwide, employing over 400 people.
Most recent published accounts for the company, covering 2018, show it has had 14 years of consecutive growth, having posted turnover of £19.4m.
That figure is set to rise having acquired Global Glass along with two of their manufacturing facilities in Nottinghamshire and Blackburn last year.
The firm said the facility provided by Santander UK will enable the company to take advantage of its expanded customer base and target a 64% growth in sales.
The increased facility will provide the company with the working capital capability to pursue its rapid growth forecasts following the significant acquisition.
Ryan Green, managing director, Clayton Glass, said: “We have grown consecutively for the last 15 years. As such, we need a banking partner that is able and willing to evolve and grow with us. Santander has done just that.
“The bank supported our recent acquisition of Global Glass with swift decisive credit approval of an enlarged working capital facility to accommodate our growth targets. Their approach has been first class, customer-focused and commercially-minded.”
Laura Moorhouse, relationship director, Santander UK, said: “Clayton Glass has achieved organic growth through high quality manufacturing and excellent customer service. “The acquisition of Global Glass further strengthens its service offering and will reduce lead-in times even further. Santander is delighted to support the next stage in Clayton’s growth and the opportunities this will bring.”
