A Gateshead-based heating and plumbing equipment wholesaler has opened a showroom and expanded its product offering, thanks to a six-figure working capital facility from Lloyds Bank Commercial Banking.
Plumbing and Heating Supplies provides plumbing, heating and drainage equipment to the domestic and commercial sectors.
With support from the North East team at Lloyds Bank, the business has expanded its premises on the Team Valley Trading Estate by building a bathroom showroom to extend its product portfolio and target homeowners.
Plumbing and Heating Supplies was established in June last year by Aidan Forshaw and David Langston. The pair, who each have more than a decade’s worth of experience working in the sector, launched the business after recognising the need locally for a customer-service driven equipment supplier.
The company now has six employees and a turnover of £1.5m, with plans to open five branches across Durham, Sunderland and Newcastle over the next three years.
Mr Forshaw, director at Plumbing and Heating Supplies, said: “Since the business’ inception we’ve seen a strong growth in sales, which will be accelerated following the opening of the bathroom showroom.
“Lloyds Bank Commercial Banking has been invaluable in helping grow the business, and we’re confident that with its support we can achieve our aim of having six centres across the North East by 2019.”
Simon Marks, relationship manager at Lloyds Bank Commercial Banking, added: “Aidan and David clearly have ambitious plans for the future and we’re committed to helping them achieve this, with a tailored finance solution that fits the needs of the business.
“We’ve pledged to help small regional businesses like Plumbing and Heating Supplies fulfil their growth potential by increasing our net lending by £1bn every year until 2017 as part of our SME charter.”