Pictured above: (l-r) Mark Winter-Wright (NatWest), Martin
Corcoran (Formula One Ltd) and Christie Marie Corcoran (Formula One
Ltd)
Following the success of its first show room in Telford, the
successful PVC - U Windows, doors and conservatory retailer Formula
One Ltd has announced plans to expand its operation by opening a
showroom in Shrewsbury after obtaining financial backing from
NatWest, which will create 12 new jobs.
Telford based Formula One Ltd is an associated company with the
successful Cannock manufacturer of high quality and stylish
PVC - U Windows, doors and conservatories Rapid Frame Ltd. Over the
last 13 years Rapid Frame Ltd has enjoyed significant growth - even
during the current difficult economic environment - and employs 48
people. Part of this growth has been through the development of
their Formula One range and the opening of their showroom in St
Georges Rd, Donnington, Telford.
Following the success of the first Formula One showroom the
Company - with the financial support of NatWest Commercial Banking
and RBS Invoice Financing - is now planning to grow it's branding
by opening at least one new outlet - in Shrewsbury - this year
which will create 12 new jobs.
Martin Corcoran, Managing Director of Formula One Ltd and Rapid
Frame Ltd, said: 'When we first established Formula One Ltd in
Telford we knew we had the right site, in the right area, selling
the right products, and we are been delighted with the way the
business has taken off. The Company was founded on the principle of
always putting quality and our customer's requirements first by
maintaining full control of orders from start to finish. This has
helped us to not only thrive, but also grow over the last 13 years
into the successful business and brand we are today. Our
development of the 'Formula One' range is to create a long-term
brand that all people associated with it can be proud of. We want
to create sustainability over the next 10 years and develop a
minimum of 4 more show sites similar to our now established site in
Telford. We believe our next Formula One showroom site will be in
Shrewsbury which will offer an immediate and localised service to
Shrewsbury and the surrounding areas. We want to create job
opportunities in Shrewsbury and find like minded people who
actually care about our customers and want to do the best job
possible. We have already started looking for the site and will
make sure it is right for our customers!"
The financial package to support the development of Formula One
Ltd, expand their retail operations and the Formula One range was
put in place by Mark Winter-Wright, senior commercial manager at
NatWest, together with Joe Vasey from RBS Invoice Finance.
Mark Winter-Wright from NatWest, said: 'I was delighted when the
bank was approached by Martin and his colleagues at Formula One
Ltd, and even more so that we were able to help. The team at both
Formula One Ltd and Rapid Frame Ltd have worked very hard at
building a great business over the past 13 years and have continued
to be successful through their Formula One range. It really is
great news to see these companies continuing to grow and create
jobs throughout the Midlands.'