Funding will double productivity at Nottingham glass company
A Nottingham glass company is set to double productivity after securing a £315,000 funding package from Lloyds Bank.
Read time: 5 mins Added: 18/01/2019
The funding will help The Smashing Glass Company, which manufactures glass units for windows and doors, keep pace with growing demand for its specialist products.
Its investment in new machinery is set to boost efficiency by 20 per cent and double the firm’s capacity.
The Smashing Glass Company, which was founded in 2002, will use a £225,000 hire purchase facility to buy a new seaming machine and insulating glass unit assembly line without impacting day-to-day cash flow.
The firm also secured another £90,000 hire purchase facility to add an additional robotic sealer – a machine used to seal the edges of window units.
"We’ve experienced rapid growth over the last few years and the new machinery has the potential to double our productivity, meaning that we can complete more orders for more customers."
Simon Ratcliffe, general manager at The Smashing Glass Company
"The team at Lloyds Bank has been a great support and really taken the time to understand our future growth ambitions. We look forward to working with them again as we continue to expand."
Mel Howard, relationship manager at Lloyds Bank Commercial Banking, said: "We're committed to supporting ambitious local firms like The Smashing Glass Company, which is why we have increased our net lending to SMEs by 33% since 2011, at a time when the market as a whole has contracted by 12%."
"This is an exciting next step for The Smashing Glass Company as the firm continues to invest in its products and customer service."
Mel Howard, relationship manager at Lloyds Bank Commercial Banking
New employment opportunities
The Smashing Glass Company has also expanded its 30-strong team, hiring an additional five members of staff to meet growing demand.
Mel Howard added: "It's encouraging to see the business creating new employment opportunities for the East Midlands."
All lending is subject to status.
Important legal information
The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Please note that any data sent via e-mail is not secure and may be read by others.
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.