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Veka sees clear way ahead after funding deal

Burnley-based window profile manufacturing firm Veka will drive forward growth plans after securing a new finance deal with NatWest and RBSIF.

A significant funding package which is a combination of invoice finance, term loans and overdraft facilities, will provide flexible capital to boost growth at the industry-leading PVC-U systems supplier.

Established in 1982, listed Veka has seen strong growth, both organic and via acquisitions. Today it has a turnover of £70m annually and a staff base of 370.

Veka managing director Dave Jones said: “Staying true to our mission to invest in our people, products and services, to deliver the best customer experience in the industry, we are committed to investing in our business and identifying opportunities, both internal and external which will strengthen our commercial offering.

“Working with NatWest and RBSIF, we now have the finance partner we need to locate and secure these opportunities and drive forward growth. The team seriously impressed us with their knowledge and they really went out of their way to understand how our business works and our needs – so they were an obvious choice of finance partner.”

Colin Andreassen, RBSIF business development manager, said: “Through engaging with Veka we are able to provide a mixture of flexible working capital through invoice finance and additional structured funding through the overdraft and term loan. Veka has a strong base for growth, creating unique opportunities in the industry and potential for significant job creation.”

Martyn Lylyk, NatWest relationship manager, said: “We first met Veka more than five years ago, and through regular conversations, we really developed an understanding of the culture of the business.

Original story: thebusinessdesk