Rooflight manufacturer Glazing Vision has undergone a £1.9million remortgage backed by Allica Bank
The deal comes at a time when the Bank of England predicts a drop of 24% in available credit outside of the government’s Covid lending schemes to established SMEs over the next three months. It will allow the company to finance further international expansion, was completed in six weeks, from initial enquiry through to drawdown, against the backdrop of the global pandemic and when many traditional finance providers had let the company down.
Jon Shooter, Managing Director of the Norfolk-based company said: “We’ve got big plans for Glazing Vision domestically and internationally. And I look forward to working together with Allica Bank to make them a reality.
“It was tough finding a bank we could work with to find the finance we required, we’d been let down by several banks. Securing funding with Allica, though, was a different story. We worked closely with a dedicated local business relationship manager who took the time to understand us and our ambitions for the business. Alternative banks spoke a good game, however they were not supported by their credit departments. Our Local business relationship manager helped break down any walls for us and went the extra mile to assist in making the deal happen.”
Jonathan Prince, Business Relationship Manager, Allica Bank, pictured left with Jon Shooter, said: “Established and thriving businesses like Glazing Vision have been underserved by the market for a while, but 2020 has made this funding gap even more acute. The current focus for many lenders has understandably been on providing support to those businesses most at risk from the impact of Covid-19, but this has led to a sharp fall in funding for businesses outside of these schemes. At Allica, we’ve built a new type of bank that is committed to ensuring these companies can get access to the funding they need.”
Glazing Vision employs over 100 people and has been in business for over 25 years. It is the largest manufacturer of bespoke luxurious glass roof lights in the UK and is on a rapid growth path, expanding internationally.