Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
news headline on mobile for online information or media fyCH1zDO SBI 300166590
news headline on mobile for online information or media fyCH1zDO SBI 300166590

CYNERGY BANK PROVIDES £10M FUNDING LINE TO FIRST CIRCLE GROUP


First Circle Group, a fast-emerging business specialising in manufacturing rigid plastic containers, has received a £10m plant and machinery loan and receivables funding facility from Cynergy Bank. This is a new client to the Asset Based Lending (ABL) division of Cynergy Bank which launched in September.

Headquartered in Newport Pagnell, First Circle Group currently operates five sites across the UK and Ireland supplying over 700 million rigid plastics containers per annum.

The £10m facility will support the Group’s growth ambitions, allowing them to buy new machinery and enhance their in-house capabilities to service a number of different sectors; including household, personal care, homecare, agro chemical, automotive and others. Annual turnover is expected to rise from £70m currently to in excess of £100m.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

Cynergy Bank worked closely with the First Circle team, their owners Greybull Capital, and their corporate advisers AlixPartners to structure the facilities. Bermans and Forsters provided excellent legal support and Hilco Valuation Services the appraisals.

Chris Phelan, Chief Executive Officer, First Circle commented, “Following a successful turnaround since the acquisition in late 2019 by Greybull Capital, the business has been able to invest in new technologies and machinery supporting its long-term growth plans. We’re now delighted to have selected Cynergy Bank as our financing partner in a move which will further enhance our growth plans.”

Paul Fraser Executive Director at Cynergy Bank commented, “First Circle Packaging is a fantastic business, they are pioneers in the plastics industry both in the use of recycled raw material and in creating recyclable products. They provide our key milk containers that most people will have in our fridges and are focusing now on also expanding their expertise to a much wider set of products in new markets. We are proud to have provided this £10m funding facility for this UK manufacturer to help drive their progressive investment, growth and development.”

Recent Post: