Spaceright Europe Ltd has completed two acquisitions in the last two years and has recently secured prime status with Amazon and Wayfair. The firm’s new refinancing deal was arranged by Michael Mackie, at Clydesdale Bank in Edinburgh, alongside Marion Robertson and Lucy Graham, senior directors in the bank’s specialist and acquisition finance team.
Alan Symon, director at Spaceright, said: "With the Bank’s support, we can continue to execute our growth strategy which has produced fantastic results so far, doubling our turnover and headcount. We discussed the move with the Bank, which has played a key role in supporting our development over the last eight years, and the team was keen to take on the total funding package with repayments designed in a way that suited our business needs."
The business, which was established more than a century ago, manufactures and supplies educational products to UK schools and nurseries. The firm originally patented the Unique Revolving Surface Board which was used in schools across the UK. It has 90 employees, with 60 based in Cumbernauld and 30 in Lincoln.
Alan Symon said: "Our goal for the future is to continue providing the best product range for our customers. Spaceright has a very strong relationship with its customer base due to our product innovation and the service levels we provide - our logistics are second to none.
"We were delighted to be awarded ‘Best Supply Chain Provider in 2015/16 by Findel and Nursery Product Innovation Winner 2016 by The Consortium recently."
Marion Robertson, senior director in Clydesdale Bank’s specialist and acquisition finance team, said: "Spaceright is a leader within its industry and has demonstrated impressive growth, especially over the last eight years when Alan Symon got involved in the business.
"We have worked closely with the firm during that time and feel incredibly pleased Spaceright has chosen us as its sole funding partner. We look forward to supporting the business in reaching its ambitions for the future."
Click below to sign up for daily business updates