Aldermore has provided a £6m (€6.82m) asset-based lending facility for cardboard manufacturer John Hargreaves.
The Stalybridge-based company specialises in the manufacturing of corrugated cardboard for end-users including packaging specialists, box manufacturers, exporters and storage, and freighting contractors, and is the largest independent supplier in the UK.
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The finance facility from Aldermore includes an invoice discounting facility as well as advances against plant & machinery and property.
The new funding lines will allow the company to grow its market share and increase production to over 7m square meters of cardboard a month. Aldermore said turnover has doubled at the manufacturer in the last three years.
Owner and managing director John Hargreaves said: “This funding will allow us to secure our supply chain, maintain our competitive purchasing position in the market, and allow us to keep thriving for another 100 years.”
Tom O’ Dell, business development manager at Aldermore, said: “Moving banks is sometimes seen as difficult, however we were able to deliver on our promises from first contact to the day of transfer using our full Asset Based Lending tools to provide additional funding. The company has a proven track record and the long history as a family business is a great story to be a part of. We hope we can continue to work with the business to deliver the support it needs for future success.”
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