MANUFACTURING: Glass Eager to Double Turnover
Byline: By John Revill
Midland Industrial Glass is expanding its premises and moving into new markets, following a successful managment buyout.
The company which shapes and cuts glass for a range of products including furniture and television display units is aiming to double its turnover and rise up the value added chain.
In addition to its traditional products, it is hoping to get into the shop fitting market and has already provided the glass works for new bars at Gatwick and Robin Hood airports.
The firm, which employs 50people, aims to increase turnover from pounds 4 million to pounds 8 million and fend off competition from overseas imports as it adds more processes to the glass it produces.
It was bought earlier this month by three of its managers after original owner Michael Joseph, decided to retire.
The new owners, Alan Taylor, Glenn Bicknell and Tony Gardner had all been involved with the company at a senior level for a number of years.
They readily accepted the MBO challenge and, having moved into new purpose-built premises a year previously, sought investment from Birmingham venture capital specialist Midven to assist an expansion programme.
Midven committed pounds 250,000 from the Advantage Growth Fund and with additional investment of pounds 600,000, Midland Industrial Glass has not only maintained production, but grown within the new 50,000 square foot facility at Downing Street, Smethwick.
With the installation of state-of-the-art CNC technology, which includes shape cutting, edging, drilling, bevelling, printing and finally toughening, it specialises in precision glass engineering with short lead times.
Components manufactured by Midland Industrial Glass are eventually embodied in the products of leading companies such as Sony, JVC and Toshiba. The company is geared to react to immediate requirements for medium and long runs.
Mr Bicknell said: 'The former owner of the business wanted to retire, but wanted to maintain continuity in the business. …