THE manufacturer of fire and security doors has taken a safety-first approach to its rapid expansion by securing financial support from business lender Reward Finance Group.
Sentry Doors, a family owned business based in Doncaster, expects turnover this year to reach £4m, up from £1.5m last year. The boom has been created by winning major contracts in London and the south east with local authorities which are investing in tenants’ properties because of changes to the law.
Sentry is supplying fire resistant door sets and has already increased its workforce by half, bringing its total to 30 staff, in response to the extra work.
The company approached Reward Invoice Finance in order to service orders for its fire and security rated doors and screens, after its mainstream lender could not fulfil its requirements. Reward Invoice Finance has provided an extensive finance line against its outstanding invoices and has put in place a substantial overpayment facility to enable the continued growth of the company and to fund the additional stock levels Sentry is now having to carry.
Sentry’s managing director Gordon Yates, who founded the business in 1989, said: “Sentry Doors made a strategic decision in 2011 to refocus the business and concentrate on higher value products. This involved us relocating to one of our smaller units in Carcroft, Doncaster.
“Coupled with this, strategic partnerships with other organisations such as London Fire Solutions, a company with extensive knowledge of the fire protection industry, enabled us to identify and win opportunities in the capital.
“However, as business grew we were in danger of not being able to service these new contracts as our bank was just not fast or flexible enough to make funding decisions to support us. Therefore, we are indebted to Reward Invoice Finance because without its support we would not be on the growth path we are today.
“We are now in a position to fully exit our relationship with our bank as we have paid down our loan facilities and now have other options to assist with our growth journey, beginning with the recruitment of a business development manager to specifically focus on work in London.”
Dave Jones, joint managing director at Reward Invoice Finance, added: “Sentry Doors is a fantastic example of how being given access to the right financial resources can be transformational for a business.
“Allowing clients access to additional cash, in order to maximise opportunities, is a theme that runs through all of the Reward businesses and is helping many companies, such as Sentry Doors, take advantage.”
Sentry Doors has received accounting and business advice from Kevin Fitton of Smith Craven, also based in Doncaster. Reward was advised by Clarion solicitors on the transaction.
Click here to sign up to receive our new South West business news...
