UKWG Funding Secured - End To Heavy Losses In Sight

• Browse By Section
• News
• UKWG Funding Secured - End To Heavy Losses In Sight

Secure Trust Bank Commercial Finance has supported UK Window Group with a £12 million asset-based lending facility.

The group has a number of companies within it that provides window and door trade, retail and new-build installers. The company has manufacturing capacity for more than 10,000 frames, 15,000 glass units and 500 composite doors each week and also offers support services, such as lead generation and technical installation advice, to a variety of customers across the UK.

 “Secure Trust Bank could see that we were on track with our turnaround plan and coming out of a period of heavy losses.”

– George Shannon 

CFO, UK Window Group

Who's who

The UK Window Group (UKWG), currently employs more than 1,100 staff, consists of five different businesses across six sites. This includes Duraflex, the extrusion arm of the business, Evolution, a high-end timber replacement window manufacturer, Techniglass a manufacturer of integrated glass units, UKWG Composite Doors and Sevenday a national trade counter business with an expanding number of outlets across the country.

Masco

UKWG is undergoing a turnaround following a management buyout from Masco Corporation in September 2019.  The facility provided by Secure Trust Bank will further assist the turnaround, allowing the business to invest working capital into its future growth. The company is rolling out plans to expand its product range and also the growth of its network of Sevenday trade counters.

On track

"Secure Trust Bank proved to be responsive and pragmatic, moving quickly from initial proposals through to completion over a number of weeks - as opposed to months - despite the complexities of our business and its legacy systems and processes," continued UK Window Group's George Shannon on February 26.

"The team at Secure Trust Bank has provided us with a flexible ABL facility to fund the turnaround, as well as future growth and we look forward to putting this new funding to good use."

Volatile market

David Parsons, Regional Managing Director at Secure Trust Bank Commercial Finance, said prior to the coronavirus lockdown: "Businesses have faced unprecedented challenges over the last few years due to the uncertainty and volatility of the UK market. However, we are now seeing companies make decisions with confidence and target growth in 2020. With that said, we are happy to support UK Window Group with this turnaround and are confident that this flexible line of funding will enable the company to realise its growth ambitions this year and beyond."

Picture: George Shannon, CFO, UKWG.

Article written by Cathryn Ellis
02nd March 2020

Share

Related Articles