Press releases
Gelpack Excelsior acquires Britton Gelplas with support from Lloyds TSB Commercial Finance
LLOYDS TSB Commercial Finance has provided the funding for the acquisition of polythene products manufacturer Britton Gelplas by Hereford-based competitor Gelpack Excelsior Ltd.'s holding company
Britton Gelplas is part of international film and packaging supplier the Britton Group, with its head office in Letchworth, Hertfordshire.
It has been bought for an undisclosed sum by Gelpack's holding company, whose operating companies manufacture plastic bags for a range of industrial and local authority users.
Gelpack managing director Roger Young was one of the founding members of Britton Gelplas in 1985, which became part of the Britton Group in 1992. The Gelpack group operating companies currently turn over around £24 million.
The new management team at the combined operation comprises Roger Young as managing director, Rodney Kaye (works director), Mike Berry (sales director), Steve Ratcliffe (finance director), and Ian Stewart (financial controller).
Funding for the deal was arranged by Lloyds TSB Commercial Finance and its senior regional manager Peter Anderson, who provided the Gelpack management team with an asset based lending facility.
Jonathan Hambleton and Richard Wood of law firm Kimbles, Clare Farley of accountants Mazars, and Tony Hydes of accountants Jolliffe Cork also assisted in the deal.
"We are indebted to the professionals involved in the acquisition and the group is now in a position to move forward with confidence," said Steve Ratcliffe.
Peter Anderson added: "This acquisition makes sense in terms of the current over-capacity in the industry and Gelpack is exactly the sort of company that we are well placed to assist.
"The deal we put together is a tailored financial solution which enables the company to maximise the cash available and provide extra investment without constantly having to renegotiate new overdraft limits. "
ENDS 13 August 2004
Issued by Harrison Cowley on behalf of Lloyds TSB Commercial Finance
MEDIA CONTACTS: NEIL FRASER OR SAM MORGAN ON 0117 929 2311
Notes to Editors:
Lloyds TSB Commercial Finance is the UK market leader in the provision of asset based lending. It currently provides funding to over 14,000 businesses nationwide and in 2003, advanced over £2 billion.
caption:
(left to right): Steve Ratcliffe of Gelpack Excelsior Ltd., Peter
Anderson of Lloyds TSB Commercial Finance, and Roger Young and Mike
Berry, also of Gelpack Excelsior
