Architectural curtain walling and window systems manufacturer Senior Architectural Systems is on track to boost its turnover after securing a £6 million funding package from Lloyds TSB Commercial Finance.
The £6 million has enabled the business to develop new window systems for customers and Doncaster-based Senior is now on track to increase its turnover by 15 per cent per cent to £31 million over the next 12 months.
It has also enabled the company to rebuild stock levels and bridge the gap between paying suppliers and getting paid itself as the number of building projects it is involved with increased during the past six months.
Managing director Lennart Jonsson said: “Our products and systems are constantly evolving to fit in with customer’s requirements and the wider sustainability agenda, therefore, to maintain our market-leading position, it’s become increasingly important to ensure we have flexible liquidity which can adapt to the changing conditions.
“The working capital facility from Lloyds TSB Commercial Finance has boosted our cash flow and increased our purchasing power, giving us greater influence in the market.”
Tom Rumboll, business development director at Lloyds Bank Corporate Markets in Sheffield, set the ball rolling for the funding deal.
He said: “Senior Architectural Systems is a company I got to know a few years ago and we have stayed in touch. They have a very strong management team who have successfully led the company through the tough economic environment of the last few years and post-recession are in better shape than ever.
“We’re pleased to be able to support Senior Architectural Systems as they enter a period of expansion and growth. We worked closely with our colleagues in LTSB Commercial Finance to provide the support just when they needed it. I am sure that the company has a very bright future and we are delighted to be part of it.”
Senior has been involved in a series of prestigious projects across the UK.