Bank backing to aid glass maker's growth

MiGlass Group, which is backed by private equity house Key Capital Partners, says the money will support further growth and investment in its factory in Downing Street, Smethwick.

MiG is one of the largest independent glass processors and glass manufacturers in Europe. It operates from a 55,000 square foot factory – employing 80 people – from which it provides a turnkey solution for all flat glass processing needs and specialises in flat glass decorative products for all markets.

The company provides a full end-to-end service from design to final manufacture. Originally established as Midland Industrial Glass, MiG has over 75 years of glass expertise and is committed to providing high end products and investing in research and development.

The new funding package provided by Royal Bank of Scotland's corporate transactions team includes a term loan of £1.5 million and £1 million working capital facility. The package will support MiG's growth strategy to develop its well–established brand and support continued investment in its Smethwick glass processing resource to supply glass products throughout the UK and central Europe.

Funding was provided by Royal Bank of Scotland which was represented by Ondrej Okeke, director of corporate transactions team. Advisors included BDO and legal advisors to MiG of Mills & Reeve and Shoosmiths to the bank.

Managing director Alan Taylor said: "MiGlass has been growing well over a number of years and with ambitions to continue this growth we recognised that we needed a banking partner who could provide the suite of services and resources to fully support us."

"The Royal Bank of Scotland corporate transactions team took the time to understand our business and financial needs. This made the process straightforward and relatively simple."

RBS's Ondrej Okeke said: "MiG is a well established specialist local manufacturer with a strong management team. They have invested well in the business over the years and manufacture high-end products to a wide range of customers and sectors. We are delighted to support the next phase of the company's development alongside existing investors Key Capital Partners and assist their growth aspirations."

This summer MiGlass supplied six of the leading contractors involved in fitting out the new John Lewis flagship store in Birmingham's prestigious Grand Central Development.

Senior logistics manager James Blunt said at the time: "We are delighted to have been so heavily involved in the new development especially as we are so locally based. We have won a lot of the business because of our ability to supply all the types of processed glass required in high and low volume and to the highest quality."