Clear future for Bottleworks
MORE than 120 jobs have been secured at a Yorkshire-based glass bottle decorating company after it secured £750,000 of funding which it plans to use to help double its turnover to £6m this year.
Bottleworks decorates glass bottles for a number of leading UK glass manufacturers and major players in the premium sprits, wines, beers, food and beverages industries.
Bottleworks, which was founded by Colin Waller in 2002 and sees up to 300m glass bottles pass through its Normanton base each year, and has a developing cosmetic and perfume decoration unit.
The business hit financial difficulties through the recession but the new funding line has helped save more than 120 jobs at the company and has provided Bottleworks with greater financial flexibility.
The invoice finance facility has been provided by Aldermore Invoice Finance, which was formerly owned by Cattles and known as Cattles Invoice Finance.
Bottleworks is planning to increase capacity and set up a filling facility within the next 12 months.
Mr Waller, managing director of Bottleworks, said: “The funding line has been a lifeline for the business and will enable us to take advantage of opportunities in the market as demand from the drinks and perfume industry recovers.
“The installation of filling facilities at our factory in Normanton will make us a one-stop shop for the glass manufacturing industry and will complement our existing decorative and quality control services.”
Calvin Dexter, regional sales director at Aldermore Invoice Finance in Yorkshire, said: “Bottleworks is in a healthy financial position to benefit from the upturn and build on the exceptional growth that it has experienced so far this year.
“It is encouraging to see more companies looking to alternative funding sources to preserve cash flow and fund growth as traditional bank lending to SMEs continues to fall.”
Clients of Bottleworks include glass manufacturing giants, Quinn Glass, Stöltzle Flacconage, Beatson Clark and Allied Glass.
The firm also works for a number of food and drink brands, including Premier Foods, Intercontinental Brands, Continental Wine and Foods and Metro Drinks.
Andy Battison at Leeds-based business consultancy firm, M3 Corporate, advised Bottleworks on the deal.
Aldermore was bought by financial services private equity house AnaCap Financial Partners in September 2009 and relaunched as Absolute Invoice Finance.
It was then acquired by Aldermore Bank – part of Anacap – last November.
