Paper maker seals £7.5m bank deal

By ERIKKA ASKELAND
Published on 31/10/2012 00:00

EMPLOYEE-OWNED paper maker Tullis Russell Group has received a £7.5 million refinancing package over three years from Lloyds Bank.

The Fife-based firm said the funding would be used to “drive its global development agenda”, including potential acquisitions.

Chief executive Chris Parr said: “We want to grow both organically and by acquisition. Our target markets for growth are our core European outlets plus securing more business in the fast-emerging BRIC economies of Brazil, Russia, India and China.”

The group, which was founded in 1809, has manufacturing facilities in Fife, Bollington and Ansan, South Korea. The middle of next year will see a combined heat and power biomass plant being brought on line at the Markinch site, the firm said.

Parr said: “It is far easier to plan ahead with the solid platform of this three-year committed facility. Straight away it gives us stability and the confidence to grow and maximise our assets.

“And we have some particular strengths. Our employee ownership structure lets us take a long-term view without the short-term pressures often imposed by external shareholders. That is reassuring for customers and suppliers.”