A manufacturer of folding patio doors is targeting £5 million turnover this year after launching the business just three years ago.
Panoramic Doors started out in Carlisle Street in Sheffield before moving to a 20,000 sq ft facility on the edge of the city in early 2016.
The switch to larger premises was backed by a £50,000 business loan from Finance Yorkshire. Sales amounted to £3m in 2017 and the company has grown staff numbers from five in 2014 to 45 this year.
Finance director Sharon Rees said: “The loan from Finance Yorkshire came at a crucial 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 move to larger premises enabled us to scale up and build the business and take on more employees.”
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.
“The core processes for manufacturing including our own powder coating plant are all housed in the new Sheffield premises – self-sufficiency is key to the success of Panoramic Doors,” said Sharon.
As well as targeting more trade customers in 2018, Panoramic Doors (UK) is developing new products including a new window system and fly screen for its doors.
Alex McWhirter, chief executive of Finance Yorkshire, 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.”
Since its inception in 2010, Finance Yorkshire has invested in more than 500 companies, enabling those businesses to increase their turnover by a total of £474 million and attract a further £362 million from private sector sources.
Finance Yorkshire investment has helped those SMEs to create and safeguard more than 16,000 jobs in the region.
Finance Yorkshire is not seeking new investment opportunities at the present time.