Allied Glass restructures debt

Allied Glass Containers boosted by a £75m debt restructuring deal

Plans for further growth at Allied Glass Containers have been boosted by a £75m debt restructuring deal.
The Leeds-based manufacturer and distributor of glass bottles and containers produces 600 million bottles per annum across 450 product lines and has seen strong growth in the global whisky and gin markets.
Specialist banking company, Investec, created a bespoke debt structure comprising a mix of asset-based and cashflow lending to support the company’s long term growth, working capital and seasonality requirements.
Alan Henderson, chief executive of Allied Glass, said: “The team at Investec designed a blended funding structure specifically for our business’s shape and needs, giving us the firepower and headroom to take advantage of growth in our market.”
Private equity firm CBPE Capital has held a majority stake in Allied Glass since 2013.
The debt package was delivered by Investec’s specialist asset-based lending and cashflow team comprising James Cullen, Paul Rablen and Steve Ive.
Cullen said: “We regard the Allied Glass management team as best-in-class and we’re delighted to be partnering with them at a really exciting time in their story.
“This transaction is a great example of our strategy to support great British businesses, putting them on the front foot to compete in a global marketplace post-Brexit.
“A changing economic landscape requires a shift from a traditional debt approach to more flexible financing.”
He added: “Manufacturers and distributors are well suited to asset-based and cashflow lending debt structures because they have high levels of balance sheet working capital within receivables and inventory alongside cashflow to service term lending.
“We’re keen to work with great management teams in compelling businesses such as Allied Glass.”