The turmoil in the banking sector and the shortage of commercial finance available for the past year has affected many businesses, but Simpson’s track record and order book enabled it to secure £3m - double its previous bank lending facilities - from Eurofactor, part of French bank Credit Agricole.
Mr Simpson added: “Following the acquisition of Realisis Instore, we needed more funds to allow us to take advantage of our new market position, and to maximise growth in the run-up to Christmas.
“The market has been tough for the past year and the printing business has been hit hard, especially retailing with many stores cutting back budgets, but there are signs things are beginning to pick up.
“We are one of the top six printing companies in the country and this new funding position will allow us to capitalise on any future opportunities.”
Simon Hewitson of BTG McInnes Corporate Finance in Newcastle, who negotiated the funding, said: “The business has grown significantly since acquiring the manufacturing site at Heathrow.
“We are delighted to help arrange this funding, which will enable Simpson to deliver its significant growth potential.”
