A Horncastle-based manufacturer has completed a successful secondary management buyout led by new Managing Director, Rob Massey, with funding from Barclays.
Established in 1964, Forum Packaging Limited has been producing and printing every type of paper sack imaginable and has become a leading UK based paper bag supplier.
Employing over 70 staff at its Horncastle base, the company was originally incorporated by the Cornish family who had the foresight to respond to the demands of the local Lincolnshire rural economy.
The company was acquired in 2004 by D.S.Smith plc, and then became Forum Packaging in 2011 following a buyout by Managing Director Mark Spivey and Finance Director, Rob Massey.
Rob Massey, Managing Director, Forum Packaging said: “This secondary buyout is the culmination of a lot of hard work by the team which enables us to really build on our current success and expand on the incredible achievements to date.
“With the support of our new bankers Barclays, we’ve been able to negotiate facilities including term loan and working capital and this provides us with the flexibility to take the business to the next level, building on our reputation for excellence in service, quality, product availability and customer relationship. We’re excited about delivering on our ambitious expansion targets for the future.”
Turnover for Forum Packaging is expected to exceed £8 million for the current year.
Alastair West, Barclays Relationship Director, commented: “This is a significant and pivotal milestone for the future of Forum Packaging as it paves the way for further expansion and growth.
“The management’s ambitious plan is testament to their success and we’re delighted that we’ve been able to support with funding for the secondary management buyout.”
Non-executive director Jeremy Wetherall, Queesngate Financial Management, which is part of the Duncan Toplis Accountancy Group, advised and was instrumental in negotiating the buy-out terms for all parties.