Glenalmond Contracts needed to take control of its raw material manufacturing process - and quickly. Find out how we used our experience and innovative funding solutions to secure the future of a growing Scottish business…
Perth-based Glenalmond Contracts was founded nearly 20 years ago and in that time they have grown to become Scotland’s largest flowing floor screed installer. They are the only Scottish contractor to operate their own fleet of specialist truck mixer vehicles, providing coverage throughout the country, including the Islands. Customers range from self-build homes to multi-location large public projects.
A secure – and reliable - source of screed was required to ensure Glenalmond Contracts were in a position to fulfil not only existing orders but also future commitments. An opportunity presented itself to install a new concrete batching plant within the Port of Dundee which is currently undergoing a substantial reinvestment programme; the team at Glenalmond saw this as the right time to invest in the long term future of the company by securing its manufacturing process.
Using a combination of their own funds and asset finance, the team needed to find the right funder to work with both the supplier and installers to get the bespoke plant delivered on time.
This was a complex transaction that needed a funder who:
- Understood the plant and the industry
- Had the ability to facilitate the payments with a foreign supplier
- Could make quick credit decisions
Campbell Stewart commented: “Suzanne was able to tailor the proposal to our requirements including securing a competitive Euro rate. She and the experienced team at Close Brothers were able to make a complex transaction seem straightforward.”
Taking control of the process has led to Glenalmond meeting its stated business objective of securing the business’s future with complete control over the manufacturing process, quality and speed of delivery of the end product.
Additional benefits have included:
- Maintain a consistently high level of customer service
- Cost control: there have been savings through speed of loading, better energy efficiency and a reduction in waste
- Additional income: Glenalmond Contracts has also become a re-seller of the finished product, opening up a further income stream
“The initial credit decision was provided quickly, which allowed Glenalmond Contracts to place the order and secure the plant. We also worked directly with the supplier and installers arranging payments to facilitate the on-time delivery and installation of the plant.” Suzanne Smith, Corporate Manager, Close Brothers Asset Finance