A COMPANY is on track to achieve 20 per cent year on year growth following a major investment in new premises and equipment.

Coverall (PVC & Canvas) Limited, PVC and canvas sheeting specialists, received a six figure funding package from the Royal Bank of Scotland and a grant from Tees Valley Enterprise Fund.

It bought large commercial premises on Durham Lane Industrial Park, Eaglescliffe, and invested in new production machinery with the support of Lombard, the bank’s asset finance arm.

Coverall saw turnover increase by 17 per cent in the year ending March 2015 and a further 20 per cent increase is expected for the year ending in March this year.

The growth saw the company outgrow its previous premises. The move has allowed it to work more efficiently, improve production layout, and significantly increase output to meet demand.

Established in 1988, Coverall manufactures a wide range of canvas and PVC sheeting products including tarpaulins, vehicle upholstery, wheel covers, wagon sheets, boat and trailer covers and fire blankets.

Alan Harrison, director, said: "Moving to larger premises has been crucial for us. It has enabled us to increase and improve production of our existing product range and introduce new lines.

"The main driver behind our growth in recent years has been the production of wheel covers for access machines such as fork lift trucks. Demand in the domestic market is continually rising rapidly and the new factory has enabled us to keep ahead of this.

"We have also been inundated with enquiries from abroad and are beginning to explore more of these avenues as we are confident that our production capacity can now cope with an even larger demand.

"The support we received from Royal Bank of Scotland and our accountant, Jerome Bury from Anderson Barrowcliff, has been excellent."

Rod Dales, from Royal Bank of Scotland, said: "Moving premises has been a key decision for the company and is assisting it to meet its growth objectives. The move has already allowed Coverall to increase production and product supply to meet demand as well as opening up new opportunities for growth."