Educational supplies business Spaceright Europe has strengthened its plans for development after securing a multi-million-pound refinancing package.
The Cumbernauld-based business, founded more than a century ago, said the deal comes after it doubled its sales and workforce, completed two acquisitions in the last couple of years and recently secured prime status with Amazon and Wayfair.
The refinancing via Clydesdale Bank is to streamline a funding package it was receiving from the lender and the Scottish Loan Fund (SLF). The latter's successful exit of its investment in the firm was announced in August.
Spaceright, which manufactures and supplies educational products including presentation equipment, furniture and toys to UK schools and nurseries, has been a customer of Clydesdale for eight years, receiving invoice financing and ancillary facilities to support its growth.
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. Our goal for the future is to continue providing the best product range for our customers."
The firm, which originally patented the Unique Revolving Surface Board used in schools across the UK, has 90 staff with 60 based in Cumbernauld and 30 in Lincoln.
The new refinancing deal was arranged by Michael Mackie, relationship manager for Clydesdale Bank in Edinburgh, alongside Marion Robertson and Lucy Graham, senior directors in its specialist and acquisition finance team.
Robertson said: “Spaceright is a leader within its industry and has demonstrated impressive growth, especially over the last eight years when Alan Symon got involved... We look forward to supporting the business in reaching its ambitions for the future.”