A manufacturer of flexible concrete will increase turnover by more than 25% after purchasing a new 86,00 sq ft site, with support of a six-figure funding package from Lloyds.
Concrete Canvas is set to move to its new headquarters in Pontyclun later this year.
The transfer to the new site will allow the firm’s manufacturing capacity to more than quadruple, as well providing the business with a suite of state-of-the-art laboratories to support its extensive research and development programme.
The move comes after a record year of sales for the firm, and the company now exports to more than 50 companies across the globe.
As a result of the increase in capacity, it expects to boost exports by 30% and achieve a turnover of more than £12 million by the end of 2018.
The company made a multimillion pound investment to purchase the new site, as well as using a £600,000 funding package from Lloyds Bank Commercial Banking to facilitate the move.
Concrete Canvas was founded in 2005, by directors Will Crawford and Peter Brewin while they were students at Imperial College London.
As part of an engineering competition, the duo developed an innovative form of concrete impregnated fabric, which hardens on hydration to form a thin durable, waterproof and fire resistant concrete layer.
The pair won the competition and with the prize money they launched Concrete Canvas.
Since then the company has grown dramatically, the product is used in a range of sectors by companies worldwide, with clients including Shell, Queensland Rail and Highways England.
As a result, the firm now employs 45 people in six offices across the globe.
Will said: “2018 has already been an exciting year for Concrete Canvas, with the purchase of the new headquarters and the opening of two new offices in Milan and the UAE.
“It was imperative that the purchase completed quickly, and this wouldn’t have happened without the support from the relationship team at Lloyds Bank.
“The personable service the team provided removed some of the pressure during the acquisition process, and it was reassuring to know that there was always someone on the end if the phone that we could speak to for guidance.”
David Williams, relationship manager at Lloyds Bank Commercial Banking, said: “Concrete Canvas is a trailblazing firm that is cementing the reputation of Welsh manufacturing across the globe.
“We’ve worked with the company for more than 10 years now, and it’s been rewarding to support the firm at every stage of its growth journey.
“The success of British manufacturers has never been more important to the UK economy, with firms across the sector increasingly needing access to specialist guidance.
“That’s why we have a team of manufacturing relationship managers across the country, that can provide firms with the tailored support they need to prosper.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement