Pierce Group’s corporate finance and accountancy divisions have advised Lancashire printing company Calderprint on a £932,000 deal to purchase the buildings and assets of historic printer Hudson & Pearson – a move that will lead to the creation of 20 new jobs.
A £186,400 Lancashire Business Growth Fund (LBGF) grant to support job creation has enabled Calderprint to acquire assets relating to Hudson & Pearson, which was placed into administration in November 2015. NatWest bank is providing the remaining funds.
Calderprint owner and managing director Peter Birbeck has already restarted the presses at the Hudson & Pearson site in Dunnockshaw, near Burnley.
Hudson & Pearson has been renamed as part of the Burnley-based Calderprint business, with Mr Birbeck anticipating that the acquisition will enable him to boost turnover from £7.5m to £10m within the next two years.
Pierce Chartered Accountants director Mark Maden-Wilkinson negotiated the deal with administrator BDO on behalf of Calderprint, with assistance on asset valuation provided by Landwood Group.
Pierce Corporate Finance director, David Sharpe, supported Calderprint with its grant application and business planning.
Mr Birbeck said: “Pierce’s professional approach in identifying and securing this opportunity, and expertise in innovative funding solutions, has enabled us to complete a deal which will be key to our continued expansion.
“Coupled with financial support from NatWest, access to grant funding from the LBGF will enable us to create new jobs at the same time as investing in the future and I would urge anyone else with similar aspirations to seek advice.”
The deal to buy Hudson & Pearson’s assets and buildings means that Calderprint clients can now benefit from access to larger B1, eight-colour presses.
Major banks and financial institutions are among clients at Calderprint, which operates 16 presses at sites across Lancashire and aims to boost staff levels beyond 100 people.
David Sharpe, a director at Pierce Group, Blackburn, said: “Having supported Calderprint for many years, Pierce is delighted to have been able to play a strategic role in supporting them to access this innovative funding solution.
“As well as enabling Calderprint to go from strength to strength, this deal will provide skilled jobs for local people. We wish Peter every success in the continued expansion of the business.”
Powered by the Regional Growth Fund, the LBGF provides support to businesses investing to create jobs and economic growth in Lancashire. It is administered by East Lancashire Chamber, Regenerate Pennine Lancashire and North and Western Lancashire Chamber of Commerce.
Mandy Lockett, International Business Director of the East Lancashire Chamber, said: “LBGF has been running for some time and we have been able to support 59 companies across Lancashire totalling £4.4m in grants.
“The money is only on offer until Spring 2017 so we would urge businesses across Lancashire to take advantage of it as soon as possible. Please give us a call to discuss your project ideas.”
Sean O’Malley, Relationship Director at NatWest, said: “We are delighted to support Calderprint with its recent acquisition as part of its continued business development. The new site in Burnley will provide a modern facility for the business to expand and grow. We wish Calderprint every success for the future.”
Legal advisor to Calderprint was Ian Liddle of Farleys Solicitors LLP, Manchester.