Business Loans Case Study
Panoramic Doors manufactures folding patio doors at its 20,000 sq ft facility in Sheffield. The company employs 45 people and is targeting £5 million turnover in 2018.
Based on the success of Panoramic Doors USA, Panoramic Doors (UK) was created to expand operations and distribution throughout the UK.
Panoramic’s folding door system uses its patented Magnaline hardware which eliminates the need for hinges, bolts and locks, reducing manufacturing costs and making it more affordable.
Panoramic Doors needed to move to larger premises to build the business and take on more employees. It had just five staff in 2014.
Finance Yorkshire involvement
A £50,000 business loan from Finance Yorkshire helped Panoramic make the switch from Carlisle Street in Sheffield to its 20,000 sq ft facility on the edge of the city.
Sharon Rees, finance director at Panoramic, said: “The loan from Finance Yorkshire came at a critical point for Panoramic. Industrial unit stock of the size and location required was in short supply at the time and without the funds the opportunity would certainly have been missed.”
The Investment Rationale
Finance Yorkshire chief executive Alex McWhirter said: “The team at Panoramic Doors (UK) has in a relatively short space of time established a successful business, creating valuable jobs in the Yorkshire region.
“Finance Yorkshire supported the business in its ambition to grow and we are pleased to see the company planning for further growth through new opportunities it has identified particularly in the trade sector.”
As well as targeting more trade customers in 2018, Panoramic is developing new products including a new window system and a fly screen for its doors.
Sharon added: “The core processes for manufacturing including our own powder coating plant are all housed in the new Sheffield premises – self-sufficiency is the key to the success of Panoramic Doors.”