November 11th, 2010
An expanding Shipley-based direct marketing group has concluded a £7 million re-financing deal to support its future growth.
The Direct Marketing Group will use debt and working capital from Barclays Corporate in Yorkshire to refinance its existing borrowing.
Based at Windhill Manor in Leeds Road, the company, formed in 1996, is now the UK’s largest independent group of direct marketing agencies.
The business, with a £35 million turnover, includes four award-winning advertising and direct marketing agencies and two direct marketing support companies.
The agencies include JDA, Millennium, DMS and Whitewater and the company also has DM Print, a print production and data collection business in Keighley..
Finance director Joe Widdup said: “Barclays Corporate has been very supportive of our requirements and plays an integral part in our plans for future growth.
“With the new financial structure in place, we are now able to focus on further growth plans. We intend to be pro-active in taking advantage of the opportunities the current climate presents.”
Mr Widdup said the company, which employs 240 people, would be looking mainly at organic growth but would be interested in expanding if a suitable acquisition opportunity arose.
The group operates across the UK, with some overseas business and has offices in Cheltenham, London and Leeds.
The direct market agencies trade individually and provide services including planning, creative client services, media, research, print management and data analysis.
Mr Widdup, who joined the firm three years ago, said it had continued to improve profitability in a difficult market, partly as a result of reducing costs.
The deal was led by Barclays Corporate director Simon Cox.
He said: “Having a close relationship with the company’s management team, and having a thorough understanding of their industry and markets, has enabled us to structure a refinance solution that fits well with the company’s strategic plans and we look forward to helping the company expand and grow.”
Source: Telegraph & Argus
