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CLOSE BROTHERS ASSET FINANCE FUNDS CHARLESWORTH PRESS'S NEW BINDING MACHINES

20 February 2020

Close Brothers Asset Finance has provided funding to Charlesworth Press for a case binding machine (Kolbus) and two binding lines (Muller), following the firm’s early exit from its Company Voluntary Arrangement (CVA).

The companies have a long history of working together and these purchases are further evidence of Charlesworth Press’s impressive turnaround and successful ability to navigate the CVA through sound decision-making and selecting the right partners.

“Working with customers through good times and in bad has long been a vital part of Close Brothers Asset Finance’s approach, as is having faith in the people running those businesses,” said Paul Philbrick, Sales Director at Close Brothers Asset Finance’s Print division. “Charlesworth Press specialises in short run variable data book printing, which is in the sweet spot of the print industry at the moment. They print the pages and inserts and then manually casebind the books.

“Volumes grew to the point where they needed to purchase more automated equipment; the new machines will help them keep pace with current output but also allow for growth.

“The deal was a straightforward one - we leveraged against unencumbered equipment to help protect the company’s cashflow and which provided the security we needed.”

Charlesworth Press owner, Mark Gray: “We’ve achieved our turnaround by diversifying into personalised books for publishers and we're now being sought out by customers from all over the world to help with their personalised products and also short-run print-on-demand work.

“Without the support of Close Brothers Asset Finance we wouldn’t be where we are today and these new machines will be playing a big part in our future growth, helping secure the jobs of our 50+ strong workforce.”

Lee Jones, restructuring expert from Charlesworth’s accountants, Sedulo: “Paul and the team at Close Brothers Asset Finance have been an integral part of Charlesworth’s success and together we are in the position where the future is looking very bright.”

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