Lombard Backs Payne Windows and Conservatories Investment
Exeter, July 2008 – Payne Windows and Conservatories, which is based in Newton Poppleford, has invested into the business with the purchase of six new vans, which it has leased with a funding package worth £150,000 from Lombard.
Payne Windows and Conservatories was established 10 years ago by David Phillips and has a clear focus on business, domestic and commercial projects. While the company’s base is in Newton Poppleford, it also has sites in Newton Abbot and Tiverton, and services customers throughout Devon and Cornwall.
The business today employs 30 staff and has grown considerably in recent years. It acquired a second window company, Durawhite, two years ago, which has two retail outfits in Exmouth and Tiverton, in addition to a factory. The business has also since acquired South Devon Conservatories, based at Fermoy’s Garden Centre, Ipplepen, Newton Abbot. Always seeking for ways to improve its products and services, the business recently became the sole distributor for Crittall Windows in the South West. It received a national award last year in the Innovative Design category of the Glassex Competition 2007.
The new vans replace the existing fleet and will allow the business to lend itself to expanding this year as an increase in sales is anticipated following its success in securing the Conservatory Concession contract for the B&Q stores at Plymouth and Exeter.
David Phillips was looking to fully replace his fleet of vans and approached his Relationship Manager from NatWest, Steven Morris, who introduced him to Richard Arnold from Lombard, both businesses being part of the RBS group. Richard worked closely with Paynes to provide a bespoke finance solution to allow it to purchase the new vans. Steven at NatWest will continue to manage the finances for the Payne Group, which consists of Payne Windows, Payne Timber and Payne Timber Solutions.
David Philips, Managing Director, Payne Windows and Conservatories commented:
"I am delighted with the new vans and this investment is crucial to our business expansion
strategy for this year and beyond. I am grateful to Richard and his team at Lombard who have
enabled the fleet purchase to take place."
Richard Arnold, Director of Asset Finance, Lombard, commented:
"I am thrilled for David and the business and am sure that the new fleet is going to make a real
difference to them moving forwards. Purchasing vehicles on contract hire is a popular choice for
many as it allows businesses to concentrate on their core business activities, while avoiding the
financial risk and administrative burden of owning their vehicle fleet."
For further information please contact
Claire Meeghan
Media Manager, The Royal Bank of Scotland
Tel: 020 7427 9023
Email: claire.meeghan@rbs.co.uk
Notes to Editors
Lombard is the asset finance division of The Royal Bank of Scotland Group, one of the world's leading financial services companies providing a range of retail and corporate banking, financial markets, consumer finance, insurance, and wealth management services. RBS Group operates in over 50 countries across Europe, the Americas, Asia and the Middle East serving more than 40 million customers and employing more than 170,000 people. In addition to the provision of a full range of banking services under The Royal Bank of Scotland and NatWest brands, RBS Group also includes ABN AMRO, Citizens Financial Group, Ulster Bank, Coutts Group, Direct Line and Churchill.
