Glass manufacturer acquires 50,000 sq ft Peterlee plant with £1.3m funding
A glass manufacturer based in County Durham is set to grow revenues 30% after acquiring its premises with seven-figure funding.
PLG Glass, part of the United Glass Group Ltd, bought its 50,000 sq ft facility in Mill Hill, Peterlee with the help of a £1.3m loan from Lloyds Bank.
The deal enabled the company to slash overheads and release additional working capital to accelerate its growth plans.
PLG Glass has created four new jobs since acquiring the site and expects to generate revenues of £4m by 2020, up 30% on its 2018 financial results.
United Glass Group Ltd director Mark Harrison 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.”
He continued: “We’ve worked with Lloyds Bank for seven years, and it has been by our side for every phase of our growth.”
Lloyds Bank Commercial Banking relationship director Mark Smith commented: “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.”
He added: “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.”