Derby team advises Novelis deal
A team of advisers, lawyers and funders from Derby have advised on the acquisition of the Shropshire site of Novelis, a producer of printed confectionery foil. The acquirer, Discovery Foils, was advised by Nelsons Solicitors and Ashgates Corporate Finance.
Funding was provided by Venture Finance and arranged by their Derby-based business development manager Teresa Geraghty.
The site in Shropshire, which produces multi-coloured printed foil used as packaging for some of the world’s most famous confectionery products, was sold by Novelis UK. The UK division is part of a global company operating in 11 countries with reported 2010 revenues of $8.7bn.
Discovery Foils financed the acquisition with the help of premier independent invoice and asset based lender Venture Finance. A comprehensive package comprising a funding line approaching £3m was provided including invoice discounting, plant and machinery and cashflow term loans.
Teresa Geraghty, business development manager for the Midlands, said: “We wasted no time in quickly getting to grips with Discovery Foils funding requirements to buy the business and save 105 jobs in the region.
"Our broad range of services meant we were able to offer the headroom needed for the deal to take place and provide dependable ongoing working capital to promote financial confidence for future growth."
