A luxury flooring firm from Renfrewshire is growing by extending its product line and increasing its workforce after securing a new loan facility from Clydesdale Bank.
Established in Paisley in 1990, Carpetronic specialises in the supply of quality carpet and flooring to commercial and residential customers across the UK. Current clients include Hilton Hotels & Resorts, Royal Yacht Britannia, and Turnberry Resort.
Carpetronic has secured £120,000 funding from Clydesdale Bank’s Business and Private Banking Centre in Glasgow under the Enterprise Finance Guarantee (EFG) scheme, with matched funding coming from the company’s directors. The loan has allowed the company to extend its product offering from traditional soft flooring to include tiling and wooden flooring.
The deal was arranged by Neil Berry, business development manager at Clydesdale Bank’s Business and Private Banking Centre in Glasgow.
Des Martin, Managing Director at Carpetronic, said: “We are poised for a period of major expansion that will allow us to extend our reach in a sector in which we are already well established.
“By introducing new product lines we are confident we will at least double our turnover by 2016 and also take on new staff to meet expected demand.
“This would not have been possible without the support of Clydesdale Bank which has worked closely with our team to help us realise our ambitions.”
Carpetronic is expected to enter a sustained period of growth in the next three years with conservative estimates suggesting turnover will rise from £775k to £1.7m. The increase in demand will also allow the company to expand its workforce with up to 10 new posts to be created by 2016.
Mike Yates, head of wholesale, retail and franchising at Clydesdale Bank said: “Carpetronic is a company with a clear business plan and a resilient brand performing well in a challenging economy.
“Clydesdale Bank is pleased to support the company and we are looking forward to continuing to develop our relationship in the coming years.”