Liverpool glass firm using £200k Lloyds finance to fund expansion
A glass business headquartered in Liverpool has garnered support from Lloyds Bank Commercial Banking to grow its network of branches.
GG Glass & Glazing is receiving £200k in debt funding and working capital, which the company hopes will help bring its acquisition plans to fruition and raise revenues by £2m.
GG Glass & Glazing, which is on track to bring in revenues of £13m this year, is using the funding to expand into new regions across the UK and improve its national coverage.
Richard Worrall, the finance director of GG Glass & Glazing, said: “We are looking to expand our network into areas where we don’t currently have a presence, and we are seeking potential acquisition targets that we can integrate into the business.
“We currently rely on subcontractors in those parts of the country where we don’t have bases and establishing new depots there would allow us to bring that function in house in order to keep up to date with our customers’ growing needs, as well as boost margins.”
The firm was established in 2008 by Dennis Worrall, its managing director, and has since grown to report a turnover of £11m and employ 107 people across five sites.
The relationship director for SME Banking at Lloyds Bank Commercial Banking, Alistair Pike, said: “GG Glass & Glazing is a growing business that has seen some remarkable growth since it was founded just seven years ago.”
In addition to its Liverpool presence, GG Glass & Glazing operates sites in London, Leeds, Glasgow and Manchester. Specialising in supplying the UK’s retail sector, its client list includes HSBC, Tesco and River Island.
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