An innovative manufacturer of concrete impregnated fabric will quadruple capacity after buying a new 86,000 sq ft site, thanks to a six-figure funding package.
The move will enable Concrete Canvas to quadruple its manufacturing capacity, as well providing state-of-the-art laboratories to support its ongoing research and development.
The business was founded after founders Will Crawford and Peter Brewin developed the concrete impregnated fabric, which hardens when water is added, while they were students.
The idea won an engineering competition and the pair launched the business with the prize money.
Exporting innovation
The move comes after a record year of sales for the South Wales firm, which now exports to more than 50 countries across the globe.
As a result of the increase in capacity, it expects to boost exports by 30 per cent and achieve a growth in turnover by 25 per cent to more than £12 million.
"It was imperative that the purchase completed quickly, and this wouldn’t have happened without the support from the relationship team at Lloyds Bank."
Will Crawford, co-founder, Concrete Canvas
"2018 was an exciting year for Concrete Canvas, with the purchase of the new headquarters and the opening of two new offices in Milan and the UAE.
"The personable service the Lloyds team provided removed some of the pressure during the acquisition process, and it was reassuring to know that there was always someone on the end of the phone that we could speak to for guidance."
David Williams, relationship manager at Lloyds Bank Commercial Banking, said: "We’ve worked with the company for more than 10 years now, and it’s been rewarding to support the firm at every stage of its growth journey."
"Concrete Canvas is a trailblazing firm that is cementing the reputation of Welsh manufacturing across the globe."
David Williams, relationship manager at Lloyds Bank Commercial Banking
Concrete Canvas is used in a range of sectors by companies worldwide, with clients including Shell, Queensland Rail and Highways England.
All lending is subject to status.