Secure Trust Bank Commercial Finance has supported UK Window Group with £12m in asset-based lending (ABL), the challenger bank reported.
UK Window Group is a service and support provider for the window and door trade. The company has manufacturing capacity for more than 10,000 frames, 15,000 glass units and 500 composite doors each week and also offers support services, such as lead generation and technical installation advice, to a variety of customers across the UK.
UK Window Group is currently undergoing a turnaround following a management buyout from Masco Corporation in September 2019. The facility provided by Secure Trust Bank will further assist the turnaround, allowing the business to invest working capital into its future growth. The company is rolling out plans to expand its product range and also the growth of its network of Sevenday trade counters.
Secure Trust Bank Commercial Finance offers asset-based lending, ranging from £1m to £50m to SMEs across the country.
George Shannon, CFO at UK Window Group, said (pictured): “Secure Trust Bank could see that we were on track with our turnaround plan and coming out of a period of heavy losses. They proved to be responsive and pragmatic, moving quickly from initial proposals through to completion over a number of weeks – as opposed to months – despite the complexities of our business and its legacy systems and processes.
“The team at Secure Trust Bank has provided us with a flexible ABL facility to fund the turnaround, as well as future growth, and we look forward to putting this new funding to good use.”
David Parsons, regional managing director at Secure Trust Bank Commercial Finance, said: “Businesses have faced unprecedented challenges over the last few years due to the uncertainty and volatility of the UK market. However, we are now seeing companies make decisions with confidence and target growth in 2020. With that said, we are happy to support UK Window Group with this turnaround and are confident that this flexible line of funding will enable the company to realise its growth ambitions this year and beyond.”