Factor chain Andrew Page Group has secured further funding from its provider PNC Business Credit.
This comes a year after the group agreed a refinancing deal with PNC and the new funding will see its original facility level increase from £40m to £50m to support its growth plans.
In a statement issued by the company, Ed Brookes, CFO of Andrew Page commented: “The new £50m funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain its momentum. PNC are a terrific partner to have on board through this exciting stage of our development."
Jim Sumner, Chairman of Andrew Page said: “Our expansion plans and the confidence of our financial backers is a reflection of the wide experience and hard work undertaken by the management team. The continued focus on the streamlining and efficiencies of our business is paying dividends and we’re at the top of our game.”
The firm, which is backed by private equity houses Endless and Phoenix Equity Partners, operates 108 branches across the UK and at the start of last year stated its intention of expanding through a combination of acquisitions, new branch openings and investing in its on-line presence.
To all from both big players that are posting insults let's grow up shall we!!!
Firstly the argument that AP is the second biggest supplier in the country does not make it immune to what has happened, if I'm correct then Unipart was the biggest in the country when it went bust, size in this instance certainly doesn't matter!!!
Secondly what needs to happen now is grevencies forgotten, because people's livelihoods are at stake!!!!!
I worked for AP and they treat their staff appallingly, they tried to get rid of me by disciplining me for attendance, but because they didn't keep their records correct they couldn't, where as I did keep records and proved time of was given approval by my line manager... a month or so later I was made redundant. Even then (end of 2015 and beginning of 2016) suppliers were putting pages on stop, I am still in the motor parts supplying business but for another company and loving the job, I hated my short time at AP due to the way I saw how they treated staff and how they got rid of them through underhanded means (I just wish I gathered evidence at the time). no wonder they have gone into administration.. I hope most of the people I worked with at MV will still have jobs especially the people on the warehouse floor. Lots of good people working hard and getting treated like S@@T by the senior managers.
as an ex employee I can say that the company does have major problems with morale of the rockface staff, no payrise in at least 5 years, lack of basic stock (coil springs for corsa 'c', oil filter for focus etc) computer system which freezes more than a branch of Iceland! if the 'directors' actually justified their obscene salaries rather than just spout a lot of management speak then im sure they will trade out of it, but I wont be holding my breath! shame really because under Andrews command it was a great company to work for that had a clear purpose and direction, many of the people that spent years helping to build the company up have left due to the working practices and frankly stupid decisions made by those supposedly in charge
We've seen it so often with great family businesses over the years. Large companies/corporations take over and think they know best. Remember the days of Finelist? Bought up many great small to medium businesses and destroyed them in months, not years. Looks like the trade still hasn't learnt, putting good money after bad. Finelist got to £500 million before it toppled over. I wonder how far the next goliath will be allowed to expand before it all collapses. As you say, the staff at the "rockface" know what is happening day to day, however if the directors listened to them, they may have to admit they're "wrong" and as we all know, it's a rare boss who puts his hands up and says, "I got it wrong".