Close

Aldermore packaging up financing for cardboard manufacturer

POSTED: 31st January 2018
IN: Newsroom
Share:

John Hargreaves (C&H) Limited, a family-owned cardboard manufacturer, has agreed a full ABL (Asset Based Lending) facility of £6 million with Aldermore, the specialist bank.

Founded in 1874, John Hargreaves still operates on the original mill site in Stalybridge. Today, the company specialises in the manufacturing of corrugated cardboard for end-users including packaging specialists, box manufacturers, exporters and storage, and freighting contractors.

John Hargreaves has a bespoke state-of-the-art manufacturing facility with the ability to produce many types of corrugated cardboard and is the largest independent supplier in the UK. Turnover has doubled in the last three years with a commitment to sustainable future growth.

The new 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 execute ambitious plans to further grow its market share and increase production to over seven million square meters of cardboard a month.

John Hargreaves, Managing Director, John Hargreaves (C&H) Limited said: “Through the journey of speaking to various banks, Aldermore immediately shone through. The team demonstrated from the outset its flexibility to create a bespoke funding package that not only met our present business needs, but our future objectives as well. Compared to our previous interactions with other banks, Aldermore has provided a refreshing change.  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: “The history and success of John Hargreaves, as well as its position as the UK’s largest independent manufacturer, makes the business a fantastic partner for Aldermore. 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.”

**Ends**

For further information, journalists can contact:

Carmel McCarthy, Aldermore
Phone:            020 3553 4216
Mobile:            07464 644754
Email:             carmel.mccarthy@aldermore.co.uk

Tom Pavey-Smith, Lansons
Phone:            020 7294 3606
Mobile:            07917 165588
Email:             thomasps@lansons.com

 

Notes to editors

Corporate Finance support to the company was provided by Howard Worth.

Financial Due Diligence to Aldermore was provided by Duff & Phelps

For further information about Aldermore, please review our Notes to Editors page.

  • Finance
  • Press Release
  • Business Finance