Scotland business

Grant boost troubled Stirling firm Superglass

Workers at Superglass factory
Image caption Superglass said the funding would help safeguard nearly 190 jobs

Nearly 190 jobs have been safeguarded at troubled insulation manufacturer Superglass after the firm secured £2m in Regional Selective Assistance (RSA).

The grant came after the Stirling-based firm recently announced plans to raise about £9.5m from investors as part of a financial restructuring.

Superglass said the money would help it implement a capital investment programme.

Shares in the company initially jumped almost 31%, after recent hefty losses.

In September, Superglass warned it would not be able to service its debt to Clydesdale Bank without a debt-for-equity swap it had agreed with the lender.

RSA is administered by Scottish Enterprise, which is providing a range of support for the company, including assistance with improving efficiencies and reducing operating costs.

Capital investment

Superglass chief executive Alex McLeod said: "I am delighted that we have been successful in obtaining RSA funding. This award reaffirms the Scottish government and Scottish Enterprise's commitment to the Scottish manufacturing sector.

"It will - when combined with the support we have received from investors and Clydesdale Bank - enable Superglass to implement a capital investment programme at our Stirling manufacturing plant which will improve our operational efficiency and competitive position, while creating and safeguarding jobs."

Enterprise Minister Fergus Ewing: "I am delighted that this funding will further secure the jobs of 187 employees, as well as ensure the continued future success of a major company in the Forth Valley area."

Superglass began manufacturing at its Stirling site in 1987 and is a major supplier of glass wool insulation products for the construction industry.

It has been listed on the London Stock Exchange since 2007.

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