A Touch of Glass

Crédit Agricole Commercial Finance delivers ABL finance deal

Clayton Glass specialises in manufacturing toughened and double–glazed glass for window and conservatory units. The company sells the glass units to UPVC and timber window and door companies, as well as conservatory companies. It is the largest manufacturer in its sector within the North East and despite its competitors seeing a downturn, the business continues to grow.

Managing Director of Clayton Glass, Ryan Green, explains: "We had outgrown our previous facility, which was proving extremely restrictive for both our existing levels of organic growth and our future acquisition plans. Our turnover had increased significantly and yet our previous lender had not changed our facility levels, resulting in an inadequate supply of working capital. To put this into perspective, the original asset based lending facility was put in place in 2005 for the MBO, when we were turning over £6 million. Clayton Glass is growing at a rate of £1 million a year and today we are on course to do £10 million."

Crédit Agricole Commercial Finance funded the seven–figure asset based lending deal. They not only refinanced the existing loans but are also providing significant headroom for organic growth and expansion through acquisition.

"In the current climate, there are not that many true Asset Based Lenders in a position to lend against receivables, plant and machinery and property, as were the demands of this refinancing deal. Furthermore, the deal needed to be completed within a tight timescale and I need to put in people I can trust. Crédit Agricole Commercial Finance have lived up to everything that they said they would do. When they say they are going to deliver, they deliver," John Carling comments.

Ryan Green concludes, "We look forward to working closely in partnership with Crédit Agricole Commercial Finance, who are equipped to take us to the next level. They offer the willingness, commerciality, ambition and strong liquidity to support our aims of embarking on the acquisition trail to become a major group in our sector."