THREE years after buying the business, glass company boss Ryan Green has seen turnover double to over £9m and further growth will follow a £650,000 factory expansion.
Mr Green bought Clayton Glass, Stanley, in 2005 when turnover was £4.4m a year and the company was making a loss.
For the first nine months of this year the company is ahead £400,000 ahead of budget and despite seeing the market tighten in recent weeks is planning to hit £9.3m turnover by the year end.
Profit is also expected to come in “north” of last year’s £213,000, says the young entrepreneur.
Mr Green said: “We have succeeded by diversifying our product range. We have kept the customers we have and managed to sell more to them through our increased range.”
Clayton has not been affected by the seismic contraction in the construction sector with its outlets primarily being social housing and the replacement window sector. The company’s launch of its Smart Glass range three years ago has helped propel growth and it now accounts for 20% of annual turnover.
Smart Glass is a high-end roof glass which helps retain heat in the winter and cool premises in the summer.
Clayton has recently launched a new product energimax, which it hopes will match the success of its last launch.
Sales director Jason McCabe said this product would save around 2,000 tonnes of CO2 and the average family £200 on their annual heating bills.
To cope with the extra demand Clayton has increased its capacity with the opening of a new 10,000sqft unit increasing its floorspace by 20%. This amounted to a £650,000 investment, funded by a bank loan, and followed a £350,000 investment in production facilities in 2007.
Mr McCabe said: “We hope to pass through the £10m mark in 2009. It’s tough in the glass market at the moment but we believe we have the strategy and the products to achieve this goal.”
The company is based on the site of the former battery factory on the Tanfield Lea Industrial Estate was a finalist in the Durham & Wearside regional heats of The Journal Business Awards in 2005. It employs 140 people, 20 more than when Mr Green took over.