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News Release from: Enterprise Finance Europe
Edited by the Printingtalk Editorial
Team on 30 June 2005
GBP 3m Finance Package To Buy Smurfit
Cartons
Nottingham (UK) entrepreneurs Jan Ahmed and Jed Gisborne have an additional GBP 3.225m cash injection from Enterprise Finance Europe (EFE) to fund the continued expansion of Fine Colour Packaging.
Nottingham (UK) entrepreneurs Jan Ahmed and Jed Gisborne have an additional GBP 3.225m cash injection from Enterprise Finance Europe (EFE) to fund the continued expansion of their business - Fine Colour Packaging The funding has enabled the pair to acquire 80 year-old Smurfit Cartons UK, formerly part of the Jefferson Smurfit Group
This article was originally published on Printingtalk on 22 Jul 2004 at 8.00am (UK)
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The move follows their purchase late last year of Hill and Tyler, which was also funded by EFE, the UK asset-based lender.
Over 30 new jobs were subsequently created as part of the acquisition.
Based in Essex, the GBP 10m turnover company, which manufactures cardboard and paper cartons employs 70 people.
The new company will now be known as Fine Colour Witham.
The structured finance package, which included a combination of confidential invoice discounting, asset finance and working capital, was put together by a team led by Kevin Haupert, EFE's regional sales director.
Andrew Durbin and Simon Bursell of Smith Cooper Corporate Finance advised the purchasers on the transaction and legal advice was provided by Rob Metcalfe and Mark Hughes of Browne Jacobson.
Kevin Haupert commented: "Although the time frames were tight in terms of providing the right facility to fund the deal, we were able to gain great comfort from the capability and experience of Jan and Jed and we pulled out all the stops to make it happen.
We look forward to working with them again in the near future." Jan Ahmed said: "We were extremely impressed with the speed with which EFE responded to our request.
The opportunity to grow the packaging side of our business through the acquisition of Smurfit Cartons came about very quickly and we needed to move fast to secure the deal and EFE was with us every step of the way." Enterprise Finance Europe operates as a pan-European asset-based lender, offering a range of lending products, including debtor-finance, stock and plant and machinery facilities and it also provides cashflow facilities as part of an overall asset-backed proposition to companies with turnover of between GBP 2 million and GBP 100 million.
EFE is backed by the Bank of Ireland Group and with offices in London, Manchester, Bristol, Cambridge, Birmingham, Leeds, Dublin, Belfast and Frankfurt.
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