A MULTI-MILLION financial support package and use of a bank’s overseas network has helped in the growth of a Consett business.
Specialist glass maker Romag Holdings is on a rapid expansion path after seeing revenues jump by 69% to £11.58m over the six months to the end of last March.
Its products range from bullet and blast glass to solar panels and are used in the Royal Opera House at Covent Garden and the Scottish Parliament buildings
Its PowerGlaz photovoltaic range converts light into electricity and is fuelling the company’s rapid growth.
The 27-year-old Consett firm has just opened a second production line and is now expanding its 20,000sqft factory to make room for two more.
It is also planning to buy 200,000sqft of land at its base on the Leadgate Industrial Estate so it can build a another plant, with room for another production line.
The company’s development has been aided with support from Lloyds TSB.
Lloyds TSB Corporate Markets relationship director Mike Stubbins said: “We initially funded £15m of facilities to aid Romag’s expansion of its PowerGlaz range.
“The close relationship wasn’t confined to our North East team as input from Lloyds TSB Spain also assisted Romag in winning a £52m contract for solar cells in Spain.
“As Romag’s business has become global, dealing in dollars and euros, we have also provided currency hedging products to limit any possible downside, as well as a working capital facility of £5m to replace the firm’s external UK invoice discounting facility.” Mr Stubbins said: “We are very excited to be working with Romag – a manufacturing success story whose potential and investment plans were clear from the beginning. We are pleased to recognise their success to date and look forward to continuing the relationship for many years to come.”
Chief executive Lyn Miles said: “It is a very exciting time here at Romag. The worldwide market for photovoltaic glass grew by around 60% over 2007 and we want to make sure that our increased capacity enables us to represent a large part of it.”