Leading glazier sets sights on overseas markets after multi-million pound buy-out
From left, Jonathan Prince (Allica Bank) with Glazing Vision managing director Jon Shooter Picture: ALLICA BANK - Credit: Archant
An East Anglian rooflight manufacturer expects to be creating more jobs after the company was bought out by its management team in a multi-million pound deal.
From left, Glazing Vision's managing director Jon Shooter, Oliver Pritchard (Howes Percival), Craig Pollard (finance director), Jonathan Prince (Allica Bank) and Stephen Reed (Price Bailey) Picture: ALLICA BANK - Credit: Archant
Diss-based Glazing Vision – which employs more than 100 people – is looking to expand after the top team acquired the company from founder and major shareholder Hugh Callacher who nurtured it from a small workshop.
The 25-year-old business is now looking to expand its global reach after the buyout deal, which was put together with the help of accountants Price Bailey and law firm Howes Percival.
MORE – Business support body takes action as funding source dries upThe £10m turnover firm – which operates from a 65,000sq ft factory in Diss and is one of the biggest rooflights manufacturers in the UK – has a growing operation in the USA and also sells across Europe, Asia, and most recently, Australia.
It produces off-the-shelf, standard and bespoke glass roof units – some of which have been use in the UK’s most prestigious buildings – and is now planning “significant further international expansion”.
From left, Glazing Vision's Andrew Rochford, James Botwright (International Director), Jon Shooter (managing director), Jeremy Dunn, Oliver Pritchard, Jonathan Prince (Allica Bank), Craig Pollard, Stephen Reed (Price Bailey) and Kevin Shaw Picture: ALLICA BANK - Credit: Archant
Three directors and three new management team members are now set to drive the business forward after Mr Callacher decided the time was right to sell his majority stake.
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Managing director Jon Shooter said they were “delighted” to have been given “this amazing opportunity” to continue the growth of the business with the existing management team.
“This will ensure continuity of customer service and performance and enable the company to invest more resources in delivering what customers want,” he said.
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“One of our priorities will be continuing international expansion, building on the network we have developed in Europe by adding capabilities in the US and Australia.
“This will create new opportunities for staff, many of whom have been with the business from the outset, and enable the business to continue its success story from its humble beginnings in Norfolk to one of the leading glazing manufacturers of its kind in the world.”
Stephen Reed, partner at Price Bailey, said it was “a challenging deal” in the current environment, and they had eventually secured funding from specialist lender Allica Bank.
“Despite being an established business with a proven track record of profitability, high street banks were unable to finance the buy-out or required terms unacceptable to management,” he said. “This transaction puts the business on a firm footing for navigating the current economic headwinds and continued growth and we wish Jon and the rest of the team every success.”
