Packaging firm secures future
When one of the UK’s leading suppliers of packaging, tapes and adhesives was hit hard by the recession its existing funding provider was not able to help, prompting the Suffolk-based firm to turn to Bibby Financial Services to support them through a restructure.
Now, with a refinancing deal in place, the company is investing for its future and targeting a 20 per cent increase in turnover this year.
Founded in 1991 when Gary Speller became increasingly frustrated by the poor service provided by the packaging supplier he worked for, Qualitape has now been filling a gap in the UK packaging and adhesives market for 23 years.
But in 2002 the company faced significant cashflow problems due to the challenging economic conditions at that time, and looked to its finance supplier for support.
Malcolm Rowson, who had been involved with the company on a consultancy basis, recommended Bibby Financial Services as the current provider was unable to increase funding levels. The business moved over to Bibby Financial Services as the flexibility built into its facility meant Qualitape could generate more working capital and ease their cashflow worries.
Read the full article at packagingeurope.com
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