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News Release

Glasgow

Jones Lang LaSalle Secures Deal at Westway, Renfrew

Clyde Corrosion Poised for Expansion


The Moorfield Group has concluded another industrial deal at Westway Park in Renfrew. Existing occupier, Clyde Corrosion Control Ltd has signed up for a 14-month lease on Block F, Unit 2, which extends to 10,000 sq ft. The company has also has agreed a 10-year lease extension at Block F, Unit 1, which extends to 40,000 sq ft. plus an additional 17,000 sq ft at Block G Unit 3 on a deal which will be reviewed on a quarterly basis, depending upon business requirements. The rental is £2 per sq ft.

Clyde Corrosion is a leading provider of metal finishing solutions, corrosion coatings and thermal spraying to a wide range of sectors, including oil and gas, nuclear and pharmaceuticals.
 
Recent expansion has been fuelled by the acquisition of former Doosan company ICSE, to create a new subsidiary company Clyde Surface Coatings, which is co-owned by Bonnie Lowson and Jim McSporran. This acquisition, as well as diversification into new markets, including the renewables sector, will see headcount double by the end of 2013 and turnover targeted to rise steadily over the next five-years. During 2012 the company also secured the prestigious Investor in People and ISO9000 accreditation and is now working towards achieving ISO1400 and ISO1800 accreditation during 2013.
 
“Our company has achieved a series of milestones and is now in great shape to exploit significant market opportunities in 2013 and beyond” said director Bonnie Lowson.
 
“We have enjoyed considerable growth recently and simply needed extra space to develop the businesses - a number of our clients are based here and Westway continues to be our preferred location. I’ve been based at Westway for more than 14 years now and have witnessed significant changes and improvements. It provides the quality of space we are seeking, plus the landlord continues to be responsive to our business requirements by offering flexibility and options for future expansion.”
 
Comment on the recent property deals, Mark Holmes, asset manager of Moorfield Group (owner of Westway Park) said: “Clyde Corrosion is a growing business and we welcome their expansion at Westway. We take a proactive approach when dealing with occupiers and always try to support business development where we can.”
 
Andrew McCracken from joint agent Jones Lang LaSalle added: “The park provides the ideal environment for growing companies like Clyde Corrosion. It continues to prove extremely attractive to a range of occupiers and we are very pleased by the continuing high levels of interest.”
 
“This deal signals good news for both the Scottish and Renfrewshire economies added Derek Mackay, MSP for Renfrewshire North and West. “Clyde Corrosion is a great example of a company that is continuing to invest in its people and its facilities to maintain a competitive edge in today’s challenging economy. It is pleasing to see such an aspiring company continuing to expand and prosper at Westway in Renfrew.”
 
Joint agents Jones Lang LaSalle and James Barr advised Moorfield Group, whilst Clyde Corrosion was self-represented.
 
ENDS – February 2013
 
ClydeCorrosion 2.jpg

FOR FURTHER INFORMATION PLEASE CONTACT:
Fiona Riddell, PR for Westway Park
T: 01475 522901 ~ M: 07866 167999 ~ E: fiona@frpr.co.uk or fionariddell@aol.com
Bonnie Lowson, Director of Clyde Corrosion
T: 0141 885 1930 ~ E: bonnielowson@clydecorrosion.co.uk
Andrew McCracken, Jones Lang LaSalle
T: 0141 248 6040 ~ E: andrew.d.mccracken@eu.jll.com
 
NOTES TO EDITORS:
 
Clyde Corrosion is currently revamping the company website.
Further information will shortly be available at: www.clydecorrosion.co.uk
 
Westway Park offers excellent connectivity to the whole of Central Scotland, with Junction 27 of the M8 only 3 minutes drive away. Glasgow International Airport lies immediately adjacent and Prestwick International Airport is only 42 miles away. Westway benefits from having its own private dock facility on the White Cart Water which accesses the River Clyde. This provides an alternative shipping solution particularly for large products that are unsuitable for transport by road. Other occupiers include Doosan Babcock, Aggreko plc, Nippon Express, Amey Highways, Steel Engineering and James Fisher Defence. Westway was acquired in May 2004 and is owned in a joint venture between Moorfield Group and Westbrook Partners. For further information, please visit: www.westway-park.com
 
Moorfield Group (Moorfield) is a UK real estate and related private equity fund manager, with some £2 billion currently under management through the Moorfield Real Estate Funds (MREFs). Moorfield is the proactive asset, development, operational and financial manager of its Traditional (retail, office and industrial) and Alternative (healthcare, leisure and residential) real estate investments. Moorfield directly acquires single or multiple assets, or indirectly invests through corporate vehicles, including joint ventures. Moorfield supports entrepreneurial management teams that want to grow their real estate businesses or that want to take specific advantage of market opportunities. Moorfield also provides mezzanine and structured finance solutions where appropriate as well as acquiring debt whether related to single asset, multiple asset or corporate structures. For further information, please visit: www.moorfield.com