Invoice finance provider Bibby Financial Services (BFS) is to provide the funding for the invoice discounting package for the corrugated cardboard manufacturer.
The Scunthorpe-based £30m turnover business manufactures a range of corrugated fibreboard sheet grades that are used by its partners to manufacture packaging and displays.
The consortium company is owned by seven similarly aligned packaging businesses and their operational partner, US based Corrugated Synergies International.
Nick Kirby, consortium member and Chairman of CorrBoard, said the consortium decided earlier this year that to meet further potential in the business, additional funding was needed.
“We needed a corporate financier that could offer both experience and flexibility in structuring a package that works for us, both now and in the future, and this is why we chose Bibby Financial Services.”
At its facility in Scunthorpe, CorrBoard has a team of 80 producing its range of products. With a modern corrugating facility, the business has the capability to manufacture well in excess of three million square metres of product each week; a significant proportion of the UK sheet market.
Kirby added: “For members of the consortium, CorrBoard is a strategically innovative venture that helps our businesses operate more efficiently and with greater control. In the past we would often be under pressure to turn around orders for our customers in two to three days but we would have to wait seven to eight days for our suppliers. With CorrBoard we have been able to cut this down to 24-48 hours, providing a fast and reliable supply into the UK market. Having finance in place that matches the flexibility we’ve worked hard to achieve is a powerful position to be in, and it helps us to take advantage of opportunities that otherwise would be tough to convert into orders.”
Source: News – Packaging News | Jobs | Production | Design | Innovation