Pureprint Group has received a £5.3 million investment from BGF (Business Growth Fund) in return for a minority stake in the business.
The BGF, an independent company established to help Britain’s growing businesses, has invested equity finance in Pureprint to support growth, invest in technology and provide the financial means for future acquisitions.
Pureprint has experienced rapid growth in recent years, with revenue growing from £17 million in 2009 to over £40 million in the financial year ending December 2014. Its roster of over 300 clients includes many premium brands including Mulberry, Victoria Beckham, NetJets and Vertu, more than 50 FTSE 100 companies including Rolls Royce and BP, and charities including Fairtrade Foundation and Oxfam.
Mark Handford, chief executive, and his sister Bridget Massey, human resources director, will remain as majority shareholders following the investment. Mr Handford has appointed Andy Nash, introduced by BGF, as non-executive chairman. Following an extensive career in FMCG marketing, Mr Nash is also chairman of Brand Addition and ICA Digital. Jon Simon, senior investment manager at BGF, will join the board as non-executive director.
Mr Handford, said, This is an exciting time for Pureprint. We remain focused on our customer offering and making sure that as a print partner, we’re meeting and exceeding client expectations on quality and innovation. The BGF proposition was attractive for a number of reasons; control of the business has not altered, the support and connections they offer are incredibly valuable above and beyond the equity investment and we retain the sense of traditional heritage inherent in Pureprint.
‘As a family business, getting the right investor and partner to support our growth plans was critical. We are looking forward to working with Andy Nash and are very optimistic about our growth strategy. Our long term goal is to build one of the UK’s leading multi-platform print and marketing solution based businesses, a journey we started several years ago and continue today.’
Jon Simon, senior investment manager, BGF added, ‘Mark has successfully grown the business over the past five years via investment in people, equipment and technology, and a focus on customer service, building a leading reputation in the industry. We are partnering with a committed management team that has a deep understanding of the opportunities in the market and we look forward to supporting the company during the next stage of its growth.’
