Bury firm Prime Document secures £500k Loan Fund investment

Document management outsourcing services provider Prime Document has secured a £500k boost from the Greater Manchester Loan Fund (GMLF).

The Bury-based firm will use the six-figure investment to support its ongoing expansion within the global electronic document management (EDM) sector, further developing its digital document management platform Ecco.

Elsewhere, the cash will safeguard the jobs of the firm’s 17 existing staff and help Prime to grow its workforce in the coming years.

Prime’s service focus on the production and multi-channel distribution of business critical documents such as pay slips, invoices, pension and tax statements for clients spanning a range of large and mid-market businesses, NGOs and government bodies.

Martin Hurley, the managing director of Prime Document, said: “The UK market is on the verge of realising the benefits to be gained from using the various electronic multi-channels to move business critical information around in a less expensive and more efficient manner than traditional print and post.

“With the backing from the GMLF we see Prime Document as being perfectly placed to capitalise on the opportunity to deliver innovative, industry leading services to our existing and future customer base.”

Andy Thomas, investment director of Maven Capital Partners UK LLP, which manages the fund, commented: “We’re delighted to support this investment into Prime Document, which will allow the team to capitalise on the growth opportunities available from the increasing shift towards electronic multi-channel delivery of documents.

“This funding will enable the team to deliver highly innovative solutions to their customers.”

Bury Council leader Cllr Rishi Shori said: “This investment is a great boost to the local economy, safeguarding existing jobs and providing further employment opportunities.

“Organisations like Prime exemplify why Bury is a great place to do business.”

Commenting on the deal, the chair of the Greater Manchester LEP, Mike Blackburn, said: “This is a good investment into a local company that provides a service that is at the heart of everything business.

“This money will safeguard jobs and enable them to grow in the future.”

Jill Parker and Mark Winthorpe from Pannone Corporate, a law firm with offices in Manchester and London, advised GMLF on the transaction. Insurance due diligence, meanwhile, was carried out by brokers Vista Insurance.