£12m Wells Fargo funding for Scunthorpe manufacturer

Corrugated sheet manufacturer, CorrBoard UK Limited, has received a £12 million funding package from Wells Fargo Capital Finance UK.

The funding was sourced and facilitated by Sheffield-based firm, Castle Square Corporate Finance.

CorrBoard started trading in 2014 having been formed by a consortium of UK based packaging companies. It is on track to achieve a turnover approaching £45 million this year.

Kevan Shaw of Castle Square said: “CorrBoard has grown significantly since its inception following the significant ongoing investment initially from its shareholders. We are delighted to have sourced the funding and advised on this transaction, which provides the company with the funding to take sales and operations to the next level.”

Ian Bramley, new business director, Midlands, Wells Fargo Capital Finance UK said: “As a sole lender, we are pleased to have curated a bespoke ABL facility that will accommodate the growing operations of CorrBoard. Since onboarding CorrBoard as a customer, we have established a close working relationship and we look forward to deepening that relationship as they continue to strengthen their business in this increasingly competitive space.”

CorrBoard is co-owned by a consortium consisting of VPK Packaging Group, Beaucrest Packaging, Dairi-Pak, Fencor Packaging Group, Garthwest, GWP Packaging, McLaren Packaging and Swanline Print.