Following a period of negotiation between landlord Riverside Inverclyde (ri) and PG Paper Company Ltd, a leading global exporter of paper, a two year extension of the company’s existing lease at Greenock’s Custom House has been agreed.
PG Paper Company currently leases 3,896 sq ft at the Georgian architectural masterpiece, and has been a tenant of ri’s since phase three of the restoration of the building was completed in September 2015.
Created and driven by CEO Poonam Gupta OBE in 2003, PG Paper has grown rapidly, and is now one of Scotland’s biggest exporters with a presence in 55 countries across five continents. It exports over 95% of sales to the Indian subcontinent and South East Asia, primarily from its Greenock headquarters.
Mrs Gupta said: “We are delighted to have been able to agree an extension with ri to stay in this wonderful building. We had considered many other options but our desire to grow in Inverclyde and continue our development has enabled us to extend our lease. Our relationship with ri was a key factor in our decision to stay and ri’s desire to keep us has been clear from the outset.”
PG Paper currently employs approximately 22 people at the Custom House and has plans to deliver a further 20 new jobs thanks to securing a £10 million funding packing from Santander Bank, aimed at helping it to expand into new and emerging markets in China, India and South America.
Fiona Maguire, Chief Executive at ri said: “We are very pleased to see PG Paper’s lease extended for a further two years through to 2020. As one of the first tenants at Custom House, it has been fantastic to watch the company continue to grow and achieve great success to date.”
Andrew Bowman, Head of Business Investment at ri said: “Ri has a focus on helping local businesses to grow and this is another great example, with the additional jobs a welcome boost for Inverclyde. We value our relationship with PG Paper and we wish Poonam and her team continued success.”
The lease extension with PG Paper is the latest milestone for ri, which has breathed new economic life into many projects in the area. Over £70m has been committed to the area by the company over the past 10 years, transforming a number of sites across Inverclyde.
Restoration of the Custom House has taken place in four phases over four years. To date £4.1 million has been spent on transforming 18,000 sq ft of productive business space, which has been eagerly snapped up by companies including PG Paper, Toshiba Global Commerce Solutions and Joules, as well as local web design and printing business IL Media.
The last remaining space is the Long Room and associated rooms at 4,000 sq ft, with interest in the available space being progressed by ri.