Press releases – May 2009

Mold, 22nd May 2008 - Fire Doors Ltd, Flintshire-based manufacturer of bespoke fire doors, has secured a £150k funding package from NatWest via the Enterprise Finance Guarantee scheme ("EFG") to support plans to boost its production capacity.

The business, which is based on Broncoed Business Park in Mold, plans to increase production from 650 doors to 1,000 doors per week as demand for their products continues to rise. NatWest has provided the funding to help cover the initial increased production costs.

Fire Doors was established just three years ago and specialises in the manufacture of veneered and laminate fire doors which meet all British and international fire safety standards. The products, which are sold to door distributors and joinery contractors, are used in commercial offices, hospitals, schools, hotels and sports stadia.

The company has a turnover of £4m and expect to double this within the next five years. They employ 42 people at their 45,000 sq ft HQ and manufacturing facility in Mold. The recently launched EFG Scheme aims to ensure that small and medium sized businesses have the necessary working capital or investment finance in place to help them through the difficult economic climate. Under the scheme the government will guarantee 75% of any loans made, with the bank covering the remaining 25%.

Bleddyn Jones, Managing Director of Fire Doors Ltd, said:

"Since launching three years ago the business has performed strongly and we are continuing to see a strong demand thanks to the quality of the doors that we produce. As a result of this we are looking to increase the production capacity in our factory and need to ensure we have the necessary working capital in place to absorb the initial costs of this move."

In addition to the NatWest funding, the company also received a funding line from RBS Invoice Finance, which replaced their existing invoice discounting provider.

Rob Grace, Relationship Manager from NatWest, commented:

"The Enterprise Finance Guarantee scheme is designed to provide small and medium sized businesses such as Fire Doors Ltd with access to working capital to support their day to day operations. This is a good example of the scheme in action."