Tuff X manufactures expansion with £400,000 investment
Processed glass manufacturer, Tuff X, is gearing up for growth
in existing and new markets using investment totalling £400,000
from FW Capital and Lloyds TSB Commercial.
FW Capital and Lloyds TSB Commercial have each recently invested
£200,000 in the Knowsley-based company. Tuff X will now use the
investments to double its production capacity and continue
expanding into the lucrative and increasingly popular conservatory
roof glass market.
The company has also relocated to new production facilities in
Tuff X currently sells its range of toughened processed glass
which includes screen-printed, heat-soak tested, cnc, polished,
drilled, sandblasted, and double glazed units to suppliers and
installers across the UK.
Over the past 12 months, the company has also witnessed
increased demand for its specialist conservatory roof glass.
"Demand for Tuff X’s products, especially our conservatory roof
glass which is more energy-efficient, self cleaning and has better
solar control, has soared over the past 12 months," commented
Graham Price, Managing Director. "This has increased the pressure
on our old production facilities in Widnes.
"The investments from FW Capital and Lloyds TSB Commercial have
enabled us to relocate our operations to new combined 50,000
square-feet manufacturing and 5,000 square feet office premises in
Knowsley. We’ve also invested in new machinery which will enable us
to double our production capacity to meet the growing demand."
As well as taking advantage of increased demand, Tuff X will
also continue to work alongside a number of leading global glass
manufacturers on the development of new products which incorporates
the latest technologies.
FW Capital’s investment is its first from the recently-launched
North West Fund.
FW Capital manages the £35 million North West Fund for Business
Loans which makes loans of between £50,000 and £250,000 to viable
small and medium-sized businesses (SMEs) based in the North West of
Commenting on the investment, Fund Manager, Gary Guest said:
“This is an exciting opportunity for FW Capital. Tuff X has an
innovative management team with a solid track record of developing
products using new technology. This investment will enable the
business to grow and increase its share of the processed and
specialist glass markets.”
Andy Leach, chief executive of NWBF said: “I’m delighted that FW
Capital has made its first investment from The North West Fund, the
fund that is set to make a real difference to businesses in the
North West and I wish Tuff X well with its growth plans.”
Gareth Hall, Relationship Director at Lloyds TSB Commercial
added: “Tuff X’s rapid growth has mirrored that of the North West
region, having been involved in a number of recent high-profile and
luxury developments including the Liverpool ONE shopping centre and
the £190 million greenquarter development in Manchester.
“We have a long-standing relationship with Tuff X and look
forward to continuing to work with them as they expand and to
support their future growth.”
Ian Latham, Baker Tilly Corporate Finance partner in Liverpool,
who acted as lead adviser and assisted in raising the finance for
Tuff X, added: “The new facilities will provide Tuff X with the
capacity to become the leading national independent supplier of
conservatory roof glass and to generate significant operational
efficiencies. It is refreshing given the current climate that
funders can successfully work together to provide a development
capital funding package to businesses which have a strong well
presented business case and understand the markets in which they
FW Capital currently has offices in Manchester and
FW Capital is part of the Finance Wales Group, one of
the UK’s largest SME investment companies. The Finance Wales Group
manages funds of more than £335 million and has invested over £183
million. It invested a record £37 million in SMEs in the 2009-10
financial year through 246 equity and debt investments.
The North West Development Agency (NWDA) led the development and
creation of The North West Fund from drawing-board (2008) to launch
(2010) and NWDA funding will continue to support The North West
Fund until 2015 as one of its major legacy projects.
Find out more about investing in the North
West of England.
*The North West Fund for Business Loans has now been replaced by
The North West Fund for Loans Plus.