James Briggs secures £9m funding deal
Oldham-based manufacturer James Briggs, a £50m turnover business with 200 staff, has secured a £9million working capital facility from RBS Invoice Finance to assist international growth activity and expansion into new sectors.
The business was backed by Endless LLP in a management buyout in 2013 and, since the deal, James Briggs has received investment from Endless to support its operational improvements and aggressive sales growth plan. In 2014, the manufacturer surpassed the £50million turnover threshold to celebrate a record year of revenue growth thanks to its impressive technical expertise and innovative products.
Jim Sumner, Chairman of James Briggs, commented: “We are delighted to be working with the RBS team and have been very impressed with their desire to understand our business and build a partnership approach. The next few years will be very exciting for James Briggs.”
James Briggs is focused on further growth in 2015 and the new working capital facility agreed with RBS Invoice Finance provides additional funds to support overseas activity and a product range expansion into new sectors. Last year, the manufacturer relocated to new headquarters in Howarth Court, Oldham which was funded by NatWest and opened by Michael Meacher, MP for Oldham West and Royton. The facility boasts best-in-class laboratory facilities and a marketing suite to exhibit the market-leading technical expertise and can decoration advancements made by the business.
Ian Plumb, Portfolio Director at Endless, said: “Since acquisition the operational improvement at James Briggs has been outstanding. With the business’s technical expertise and market-leading can decoration techniques, the platform has been laid for a period of accelerated growth. The funding from RBS Invoice Finance will allow the business to pursue opportunities in new territories and new sectors which provide a hugely exciting future for the business.”
Martyn Lylyk, Relationship Director at RBS, added: “RBS has been building a close relationship with James Briggs since it was acquired by Endless in 2013 and I’m delighted to see this latest facility put in place to support their continued growth aspirations. This follows on from our backing of their investment in a new head office and technical centre last year, which endorses this leading manufacturer’s commitment to the local area. We wish James Briggs every success for the future.”