£7.5m funding deal for 186-year-old Oldham manufacturer James Briggs

Aerosol and consumer chemicals manufacturer James Briggs Ltd (JBL) has completed a seven-figure funding deal.

The firm renewed an existing £7.5m committed working capital facility with Royal Bank of Scotland Invoice Finance (RBSIF) to support its future growth plans and invest in new product innovation.

Founded in 1830, JBL has been majority owned by investor Endless LLP since 2013 and today employs over 400 people at two facilities in Oldham.

Chief financial officer Paul Blackaby, who welcomed the deal with RBSIF, said: “This new facility provides the group with the certainty of long-term financing with a partner with whom we have already worked for a number of years and with whom we enjoy an excellent relationship.

“The facility will enable the company to fulfil its future plans in an efficient and cost-effective manner.”

The deal follows a £2.4m growth capital investment from Endless in December 2016 and the strategic sale, in February 2017, of its non-core Premiere Products business in a deal valued at £3m.

Last year, the firm reported a record turnover of £51m.

Tim Pugh, chief exec of JBL, said: “The completion of these three important financial milestones over recent months has been the result of significant effort and skill on the part of the whole James Briggs team and provides the security that the group needs as it seeks to expand, while fully supporting existing and new customers.

“The Group has a proud 186-year heritage as one of Europe’s largest manufacturers of aerosols and consumer chemical products and whilst the last 12 months has been a period of significant change for the business these actions ensure that the business is secure for many years to come.”

Tom Jack, partner at Endless’ Manchester office, commented: “We are pleased to be continuing to support this important, and well-established North West manufacturer as it continues to invest in new technology to secure the future, and at the same time make the business more efficient.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →