£3.8m raised for automation project
RSM UK has completed a deal to raise a £3.8m debt package for PPS Equipment to help it undertake a major automation project to improve its production lines and to provide further investment in its equipment pool.
Based in Uttoxeter, Staffordshire, PPS is a provider of returnable transit equipment services and plastic storage products for clients in the retail, automotive and food manufacturing sectors.
RSM’s debt advisory team, led by Greg Moreton and Jack Williams, secured the deal for PPS.
The money was raised with Shawbrook Bank and Frontier Development Capital. Legal support was provided by Shakespeare Martineau, Browne Jacobson, Pinsent Masons and The Wilkes Partnership.
Moreton, partner, head of debt advisory, RSM UK, said: “We are thrilled to have secured this package for PPS which will enable the firm to accelerate its ambitious growth plans to upgrade its facilities, expand capacity and improve efficiencies in its production processes.”
Joanne Lee, managing director at PPS Equipment, said: “Securing this funding represents a huge step forward for us. We are looking forward to expanding our production processes which we hope will be the catalyst to significant business growth. We’d like to thank Greg, Jack, and everyone else involved for all their hard work in securing this funding.”
PPS Equipment is backed by BGF.
The business received £4.95m from BGF in 2015 to support its organic and acquisitive growth strategy.
