The Grating Company to relocate from Sudbury to Halstead following rapid growth
- Credit: Archant
A west Suffolk fibreglass products manufacturer has expanded its workforce after nearly quadrupling its turnover in a matter of months – and is now planning a move to new, larger, premises in north Essex.
The Grating Company, currently based in Sudbury, has increased its sales from £420,000 to £1.6m after securing an invoice finance facility from Lloyds Bank Commercial Banking.
It has already hired four new staff and increased its fleet of vehicles as well as investing in marketing and new IT equipment.
And now the company is planning to relocate from its current 80sq m premises, in Mills Road on the Chilton Industrial Estate, to a new 1,100sq m unit in Halstead, which will enable it to increase fabrication and storage.
The Grating Company manufacturers a range of products, mainly for construction clients, including reinforced glassfibre flooring, marina decking, roof walkways and stair treads.
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Richard Coldron, managing director, said: “Our business has great potential. Having a strong cash flow means we’re able to keep up with demand.
“We’re reaching out to new clients by investing in getting our brand and products seen, thanks to funding support from Lloyds Bank. The advice we’ve received from the team has been crucial as well in helping us to manage this rapid growth.
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“We’ve got an exciting year ahead for the business, with new hires settling in and a move to our new premises coming up. We’re keen to keep growing and continue to manufacture the best possible fibreglass products for our customers.”
Keith Breavington, regional manager at Lloyds Bank Global Transaction Banking, said: “The Grating Company is an ambitious business that has achieved remarkable scale within a short space of time.
“Accessing the capital needed to grow can be a challenge for many manufacturing businesses, but there are tools on hand that can help bridge some of the gaps and free up funds to invest back into the business.
“To see the investment help create more jobs is extremely encouraging and we’re committed to help businesses across Britain prosper. We’ve grown our net lending to SMEs by 30% across the last six years, to ensure more companies can achieve their ambitions.”