News in brief – Plastics deal sealed; Print firm wins AXA contract; Leeds Building Society AGM; Research firm grows
TWO firms of Sheffield professionals have advised Wells Plastics on a major refinancing to buy-out an institutional investor, Lloyds Development Capital , and provide working capital for growth.
Dealmakers Strategic Corporate Finance acted as lead advisor to Stone, Staffordshire firm Wells Plastics, with Halliwells providing legal advice. Multi-million pound funding for the transaction was secured from Natwest Structured Debt Solutions.
Wells Plastics has 30 staff and is a specialist additive masterbatch company, which has customers in the plastics processing industry worldwide.
Kevan Shaw, partner at Strategic Corporate Finance, said: “Despite a lot of negative sentiment in the market and media at the moment, this deal demonstrates that good management teams in good commercial enterprises can attract funding to support their strategic objectives. By focusing and engaging in early discussions we have been able to conclude an imaginatively constructed leveraged transaction in a measured and timely fashion to suit all engaged parties.”
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YORKSHIRE printing firm Working Media Print, of Liversedge, has won a key contract for a division of national insurer AXA to provide a range of printing and print management services for the insurance giant.
The firm, founded in 2007 by managing director Ian Bryan, is also developing public sector clients, including universities and local authorities.
Last year WMP won the contract to print the Yorkshire magazine On: Lifestyle.
The 23-strong firm has recently appointed Lee Evans as a director and Kate Chapman has also recently joined as client services manager.
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YORKSHIRE-BASED research and marketing insight firm McCallum Layton has added new clients to its roster including Nationwide, Greggs and Business Link.
The agency also has further plans to expand its analytics, video and online research services in 2009, and has recently made a number of promotions including Julia Horlov to partner and Sarah Askew to associate director.
Duncan McCallum, founding partner at Leeds-based McCallum Layton said: “We are delighted to have started 2009 in such a positive way and are absolutely committed to continue developing our client services to ensure that we deliver research solutions that help our clients prosper in such a difficult environment.”
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LEEDS Building Society, the UK’s 7th largest mutual, saw the highest number of votes from members in its history at its annual general meeting this week.
More than 93,000 members voted at the AGM which saw the election of non-executive directors Abhai Rajguru, Ian Robertson and Bob Stott, and for the re-election of deputy chief executive and finance director, David Pickersgill, and non-executive director, Carol Kavanagh.
The Society donated over £10,0001 to its partner charities Marie Curie, Help the Aged, Save the Children, St George’s Crypt and the Leeds Building Society Charitable Foundation. This takes the total donated for votes cast by members at the AGM to more than £20,000.
Chairman Robin Smith, said: “We delivered another set of strong financial results for our members in the context of a market that has been characterised by uncertainty and declining confidence. Operating profit remained strong at £68.6m, which was similar to the 2007 total of £69.4m, and this has enabled us to deal with all unexpected items.
“The most galling of these is a provision of £9.7m in respect of the full amount imposed under the Financial Services Compensation Scheme (FSCS) levy in order to compensate the investors in failed banks, including Bradford & Bingley, London Scottish and three Icelandic banks with UK subsidiaries. We run a much less risky business model and the scheme effectively imposes the highest levy on organisations like us, which have the greatest proportion of savers’ balances. I have urged all our members to write to their local MP to express their outrage as ultimately these costs are borne by members,” added Mr Smith.
