Accrol secures new £15m growth package
Blackburn-based Accrol Papers has secured a £15m funding package with Lloyds Bank Commercial Finance.The company, which recently registered a leap in turnover to £70m, will use the working capital to fund further growth.
The family-owned soft tissue manufacturer, which ranked number 56 in Lancashire Business View’s Fab 500, has also listed in the Sunday Times Profit Track 100 for its rapid growth to date.Accrol's products include branded and own label toilet rolls, kitchen towels and napkins, as well as facial tissues with manufacturing capacity of more than 65,000 tonnes annually.
Managing director Majid Hussain said: “This is a period of strong growth for Accrol, as increased demand for our products has necessitated investment in machinery, premises and our workforce. We have ambitious plans for future growth for the business as well, but we want to make sure that these are implemented in a controlled and achievable way to give us the best possible chance of success."Darren Winterbottom, director for business development at Lloyds said: “Accrol Papers is a great example of a UK manufacturer that is going from strength to strength, and the rapid growth of the business is testament to the business acumen of Majid, Wajid and Mozam as well as their father before them. “Although the growth being implemented by the business is on an impressive scale, the management team have put measures in place to ensure that this is controlled and not putting undue strain on the firm’s cashflow."