A garage door manufacturer is targeting growth after agreeing a £900,000 finance deal with banking firm Aldermore.
Peterlee-based Gliderol makes garage doors for both residential and commercial markets, ranging from residential home garages, to airport hangar doors and increasing optimism in the UK economy is bringing growth opportunities for the business.
The firm has now agreed a £900,000 invoice finance facility with Aldermore, a deal which will ensure it is well placed to take advantage of future growth opportunities as the UK economic recovery continues and demand from the construction sector, a key sector for the business, increases.
A relatively new bank, Aldermore provides savings, mortgages and commercial finance to SMEs, homeowners and savers and since establishing in 2009 the bank has grown significantly and now has over 750 employees. As of the end of 2013, lending to customers stood at £3.4bn.
Benjamin Lumbers, chief executive of Gliderol Garage Doors said: “Over the last five years the UK manufacturing industry has had to adapt to survive but now we are ready to grow. Aldermore’s invoice finance facility ensures that we are able to benefit from speedy access to funds meaning cashflow is never a problem and we can seize any opportunity that comes our way.
“With Aldermore’s help we can strengthen our transport and delivery performance to maintain our competitive advantage as the economy improves.”
Dan Summerfield, regional director of invoice finance at Aldermore said: “Aldermore is delighted to be doing its bit to support the UK manufacturing industry through strong British firms like Gliderol Garage Doors.
“The UK manufacturing industry has faced some tough challenges over the last five years but due to high quality products and a strong management team, Gliderol has overcome these challenges and is set to flourish as the UK economy begins to improve.”