James Briggs goes for growth with funding deal

OLDHAM-based manufacturer James Briggs has secured a £9m working capital facility to help international growth and expansion into new sectors.  

James Briggs specialises in designing, formulating and manufacturing products including paints, lubricants, cleaning fluids and polishes for automotive, industrial and hygiene sectors.

It was founded in 1830 and has sites in Royton and Chadderton. The business owns a number of technical brands, including Hycote, Nilco, Tek and Add-It.

Backed by private equity investor Endless, in 2014, the firm passed the £50m turnover threshold to celebrate a record year of revenue growth.

James Briggs says it is focused on further growth in 2015 and the deal from RBS Invoice Finance gives it the necessary financial clout.

Last year, the firm relocated to new headquarters in Howarth Court, Oldham which was funded by NatWest and opened by Michael Meacher, MP for Oldham West and Royton.

The production facility boasts best in class laboratory facilities and a marketing suite to exhibit the market leading technical expertise and can decoration advancements made by the business.
 
Corporate new business sirector at RBS Invoice Finance, Colin Andreassen,  said: “There is huge potential for James Briggs to expand in the UK and overseas markets and the working capital line is a flexible solution that grows in line with the business to support their growth strategy.

“James Briggs has increased sales and profitability in recent years coming on the back of a very strong financial performance in 2014.”

Ian Plumb, portfolio director at Endless, said: “Since acquisition the operational improvement at James Briggs has been outstanding.  With the business’s technical expertise and market-leading can decoration techniques, the platform has been laid for a period of accelerated growth. 

“The funding will allow the business to pursue opportunities in new territories and new sectors which provide a hugely exciting future for the business.”