Caerphilly-based Glenside Commercials Limited has begun work on a £1.5 million 7491 sq ft unit on Esperanto Way, Newport, after receiving the funding.
The new site has been partly funded by a £1 million loan from the Wales Flexible Investment Fund, managed by the new Development Bank of Wales.
Glenside is the first business in South Wales to benefit from the new £100 million fund which offers repayment terms of up to ten years and can also finance mid-cap companies.
The business was acquired by managing director Mark Lovering in 1993.
It was then known as
Today, the firm employs over 90 people based in Bedwas House Industrial Estate and is the main distributor for IVECO and FIAT professional in south east Wales.
The new site will be completed in spring 2018.
As a network partner for Carrier Transicold, Glenside also provides specialist engineering and maintenance services across south Wales and southern England for transport refrigeration units.
Mark said: “My commercial director, Phil Williams and I firmly believe that our business has stood the test of time because we invest in our staff and make sure that our customers are always at the heart of all that we do.
“The team at the Development Bank of Wales understood our values and were able to offer a flexible funding package that has been tailored to meet our exact needs.
“The development bank’s application process was clear and straightforward. We saw
“We gave them a call and a member of their investment team got back to us really quickly.
“The simple application process enabled Phil and
Ruby Harcombe, investment executive for the Development Bank of Wales, said: “Glenside has shown strong and consistent growth.
“The new site in Newport will allow the business to build market share in south-east Wales and also target new markets.
“We are delighted to have the opportunity to work with them on this next phase of development..”
Graham Paul Chartered Accountants advised Glenside Commercials. Broomfield Alexander acted for the Development Bank of Wales.
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