Premier Roof Systems is preparing to expand and develop further having secured a six-figure funding package as part of the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The Jarrow-based company, which manufactures and supplies conservatory roofs, uPVC and aluminium roof lanterns, windows and doors and serves trade customers and homeowners nationwide, will use the funding to continue the growth of the rapidly expanding business, aiming to minimise the impact of the coronavirus crisis.
Premier Roof Systems recently appointed Newcastle-based Ryecroft Glenton (RG) as business advisers, accountants and tax advisers, and RG were instrumental in helping the business obtain the £245,000 loan from Funding Circle, with assistance from James Clinghan of Trusted Business Partner Ltd.
RG was introduced to Premier Roof Systems by its Non-Executive Director and well-known business investor, Gary Lumby MBE.
As a result of the strategic collaboration between RG and RTC North East, Premier Roof Systems also obtained a 40 percent subsidy toward RG’s professional fees as part of the Scale Up North East programme, which allows businesses to access part-funded advice and support on matters such as the preparation of financial forecasts and business plans and securing funding via CBILS.
Premier Roof Systems was founded in 2011 and has demonstrated consistent year on year growth and an increase in market share by expanding its portfolio and through partnerships with market-leading manufacturers and suppliers.
Pouya Bostani, Managing Director at Premier Roof Systems, said: “The support we have received from RG has been invaluable in securing the loan from Funding Circle. We have also received a lot of strategic advice over recent months, which has been critical to us during these uncertain times.
“The loan we have secured from Funding Circle will allow us to navigate the business out of the coronavirus crisis, which has impacted us all in different ways, and will ensure that we can continue to scale up our operations and increase our market share within the fenestration industry.”
Carl Swansbury, Partner and Head of Corporate Finance at Newcastle-based RG said: “Premier Roof Systems has achieved double digit turnover and EBITDA growth in each of the last few years and we are thrilled to have been able to assist with securing this funding , which will enable the directors to continue to scale the business, despite the short term challenges presented by COVID-19.
“It is important to us that we can show our continued support to Premier Roof Systems and other similar businesses in the north east and use tools available to us, such as our relationship with RTC North, to help north east based businesses survive and thrive.
“Access to government-backed financial support has been crucial to many businesses during this period and we hope to enable more businesses to obtain the advice and funding they need, at a reduced cost, at a time when they need to control cash flow.”