PPE designer and manufacturer, Core Protection Systems Limited (Corpro), has completed a seven figure Management Buy Out (MBO) with an innovative finance package, including a Coronavirus Business Interruption Loan (CBILS), arranged by PMD Business Finance in partnership with Zone Commercial Finance.
Corpro produce advanced and innovative respiratory mask and filter systems which have been designed with the user at their core. Over the past three years, Corpro has evolved from an initial concept through to a successful production business and will now be under the full ownership and management of Phil Scott, June Scott and their dedicated team. Phil Scott, Corpro Director, said:
‘The current COVID-19 crisis has shown us how much demand exists for high quality respiratory protection products and we look forward to expanding our distribution network still further.’
Completing the Management Buy Out
PMD was introduced to Phil Scott by Neil Emmott, Managing Director of Zone Commercial Finance, as part of their strategic partnership utilising Neil’s extensive experience of the secured lending sector and PMD’s asset-based lending capability. Callum Bull, Business Development Director at PMD, said:
‘This has been a hugely fulfilling and enjoyable transaction to work on alongside Neil. I am delighted we have been able to form an innovative CBILS funding package within short timescales for Corpro, particularly given the criticality of their products to the safeguarding of healthcare professionals among other key sectors.
‘Phil and his team have an exciting growth strategy. We look forward to working closely alongside both Corpro and The Filter Design Company in the future and we wish them every success.’
Phil Scott commented:
‘Both PMD and Zone Commercial Finance were contacted at the latter end of the business acquisition to provide a financial solution for the purchase. Both companies sought out cost-effective finance in a timely manner, and their proactiveness ensured the business deal was taken care of to the required schedule. Without their hard work, I am not sure the acquisition would have been successful.
‘As a result of the transaction, we at Core Protection Systems can now effectively strategize the business moving forward. Our main objectives are to increase our international sales by targeting key regional distributors globally, and to develop our product range further to become a key, high quality and comprehensive supplier of respiratory protective equipment both in the UK and beyond.’
CBILS is a government backed scheme that can provide facilities of up to £5m for smaller businesses across the UK. CBILS supports a wide range of finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
The transaction was completed by PMD’s Structured Finance Solutions division, which specialises in supporting both clients and advisors to source market leading funding for a variety of transactional or event driven situations. Whilst its official launch was delayed due to the coronavirus pandemic, the team is already fully functioning and ready to support clients and advisors during these times.