Box manufacturer CBS expands as bank funds acquisition

A WEST Bromwich manufacturer has expanded its design facilities with an acquisition funded through a new finance agreement.

Cardboard box manufacturer, Corrugated Box Supplies, has taken on Essex-based Connect Packaging after funding support from Lloyds Bank. The undisclosed deal will see the group’s annual turnover rise to £25m and its workforce increase to 250 people.

Established in 1996 by Jitha Singh and his brothers, CBS is a family-run business that manufactures corrugated boxes for storage and transportation use across a range of industry sectors from wholesale and retail to distribution.

Headquartered at a 160,000 sq ft production facility on a five acre site on Brandon Way, CBS has been a customer of Lloyds Bank Commercial Banking for over 15 years.

The bank provided an asset based facility for the working capital necessary to complete the acquisition, which has been implemented as part of the CBS growth plan.

The new design team will focus on developing the range of boxes and packaging products provided by the firm.

Jitha Singh, CBS managing director, said: “We wanted to invest in the long-term development of our design team to ensure we continue to offer clients the highest quality product choices, and when we saw the opportunity to bring on the award-winning team at Connect Packaging we knew it was the right fit for our ambitions.

“Lloyds Bank has been extremely supportive of our expansion plans. The Commercial Banking team helped provide the funding to facilitate the purchase of our premises in 2012, and now the Commercial Finance team has helped us to generate the necessary cashflow to take this important next step in our growth plans.”

Malcolm Clay, Regional Manager at Lloyds Bank Commercial Finance, who worked with Claire Carr on the deal, said: “CBS is a respected and innovative local manufacturing business with a management team that has the drive to succeed and create long-term success for the firm.

“This investment into both the development of its staff and ultimately the scope of its product range capabilities is testament to its growth ambitions.”