Funding lifeline for jobs at glass firm

Bottleworks, based in Normanton, West Yorkshire, has secured a 750,000 invoice finance facility from Aldermore Invoice Finance, which is part of Aldermore, the new British bank.

Founded in 2002 by entrepreneur Colin Waller, Bottleworks decorates glass bottles for a number of the leading UK glass manufacturers and many of the big names in the spirits, wines, beers, food and beverages industries.

Up to 300 million glass bottles pass through Bottleworks' Normanton base each year. Bottleworks also has a rapidly expanding cosmetic and perfume decoration unit.

The company plans to double its turnover to 6m in 2010.

Mr Waller said the funding would make a "massive difference" to the company's financial performance, because it provided Bottleworks with a reliable cash flow.

The company had been forced to make around 50 staff redundant during the recession.

"The banking crash affected us badly,'' said Mr Waller. "This funding will help to keep 160 people in work.

"We are seeing a significant comeback in the markets we serve.

"A lot of the other companies in our niche market didn't make it through the recession."

Apart from increasing capacity, Bottleworks also plans to diversify its services by setting up a bottle filling facility in the next year.

Mr Waller added: "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. It makes logistical sense for a lot of our customers."

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."

Clients of Bottleworks include glass manufacturing firms Quinn Glass, Stltzle 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.

Bottleworks' services include spray coating, and ceramic and organic ink screen printing.

Andy Battison at Leeds-based business consultancy firm, M3 Corporate, advised Bottleworks on the deal.

Aldermore is one of the most strongly capitalised banks in the UK, and is backed by AnaCap Financial Partners and Morgan Stanley Alternative Investment Partners.

Its lending activity is focused on small and medium-sized businesses.

The growth of Aldermore

Founded in 2000, Aldermore Invoice Finance was formerly owned by Batley-based Cattles and known as Cattles Invoice Finance.

It was bought by financial services private equity house AnaCap Financial Partners in September 2009 and relaunched as Absolute Invoice Finance.

In November 2009, the business was acquired by Aldermore Bank – another of Anacap's investee companies – in a move that increased the size of its funding pool.

Earlier this month, Dave Jones, senior regional managing director of Aldermore Invoice Finance in Yorkshire, said the acquisition by Aldermore had enabled the business to take huge strides forward.

The Yorkshire operation, which is based in Cleckheaton, West Yorkshire, has hired 10 more staff over the last year, taking the total employed there to 48.

Aldermore has lent more than 300m to SMEs (small and medium-sized enterprises) over the last year.