Business Loans Case Study
Purex International employs 30 people across the UK and US and reported turnover of £8m in the year ending October 2015.
Fifty per cent of its products are sold to international customers. Purex also has a network of distributors across Europe.
A management buyout in 2015 saw Trefor Jones and Andy Easey acquire the company from Domino Printing Services.
Up to that point, the business had been based in rented accommodation but Trefor and Andy were keen to purchase their own building.
Finance Yorkshire involvement
A Business Loan from Finance Yorkshire supported the growth of Purex International as it relocated to a 20,000 sq ft facility in Thorne, Doncaster. Trefor said: “The move gives us stability for the longer term.”
The business was introduced to Finance Yorkshire by Barclays which provided a commercial mortgage.
The Investment Rationale
Melanie Reynolds, Portfolio Executive at Finance Yorkshire said: “There is an exciting future ahead for Purex International as it looks to build on an already strong reputation for quality and service by building its US sales, developing new markets and investing in new products.”
Trefor said: “Last year we opened a subsidiary in the US where we have been trading for many years. We have a good reputation in the market for the quality of our products and now we are able to offer an enhanced local service. The US market is worth $220m so there is potential for growth.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire