£1m loan to assist move to Newport
Caerphilly-based commercial vehicle services business Glenside Commercials has begun work on a £1.5m expansion.
The firm is investing in a new 7,491sq ft unit on Esperanto Way, Newport. The new site has been funded by a £1m 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 £100m fund. The new fund offers repayment terms of up to 10 years and can also finance mid-cap companies.
Managing director Mark Lovering acquired the business in 1993. It was then known as Victa Motors before being renamed Glenside Commercials in 1994. Employing over 90 people and based on Bedwas House Industrial Estate, Glenside is the main distributor for Iveco and Fiat Professional vehicles in south-east Wales.
The new site will be completed in the spring.
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.
Mr Lovering 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 news about the new development bank and thought they may be able to help us. 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 I to continue to focus on running the business with the reassurance that we now have the right funding in place to drive forward our exciting growth plans.”
Ruby Harcombe, an investment executive for the Development Bank of Wales, added: “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.