RSM UK raises £3.8m for automation project in Staffordshire
Leading audit, tax and consulting firm, RSM UK has completed a deal to raise a £3.8m debt package for PPS Equipment. Based in Uttoxeter, Staffordshire, PPS is the UK leading provider of returnable transit equipment services and plastic storage products for clients in the retail, automotive and food manufacturing sectors. The funding will enable PPS to undertake a major automation project to improve its production lines to meet growing customer demand and to provide further investment in its equipment pool.
RSM’s debt advisory team, led by Greg Moreton and Jack Williams, secured the deal for PPS. The money was raised with Shawbrook Bank and Frontier Development Capital. Legal support was provided by Shakespeare Martineau, Browne Jacobson, Pinsent Masons and The Wilkes Partnership.
Greg Moreton, partner, head of debt advisory, RSM UK said: ‘We are thrilled to have secured this package for PPS which will enable the firm to accelerate its ambitious growth plans to upgrade its facilities, expand capacity and improve efficiencies in its production processes.’
Joanne Lee, managing director at PPS Equipment said: ‘Securing this funding represents a huge step forward for us. We are looking forward to expanding our production processes which we hope will be the catalyst to significant business growth. We’d like to thank Greg, Jack, and everyone else involved for all their hard work in securing this funding.’
PPS Equipment is backed by BGF – the UK and Ireland’s most active growth capital investor. The business received £4.95 million from BGF in 2015 to support its organic and acquisitive growth strategy.