A manufacturing company building packaging machines for the food industry has wrapped up a financial deal with Clydesdale Bank.
Bedford-based Atlas Converting Equipment was subject of a Management Buy Out (MBO) last year and turned to Clydesdale Bank’s St Albans Financial Solutions Centre (FSC) to provide trade finance lines and foreign currency services.
The company, which also has main offices in California, and Shanghai, supplies Slitting and Rewinding equipment to the film and flexible materials markets and has installed more than 3,500 of its ATLAS and TITAN machines in more than 80 countries.
Current Chairman Stephen Darlington, Alan Johnson (Managing Director), Stan Braycotton (Sales Director) and Tom Walker (Finance Director) acquired the company from the Swiss-owned Bobst Group in last year’s MBO.
“One of our first tasks was to review our banking arrangements,” said Stephen Darlington. “When entering into contracts with clients we request payment at certain stages of production of their plant. In turn, those clients expect bank guarantees for that money and that is the key element provided by Clydesdale.
“In addition, a lot of our business involves supplying manufacturers in China, the Middle East and South and Central America. It’s a good time to be exporting at the moment and we were looking for a reliable foreign currency service.”
The directors met with five banks before settling on Clydesdale Bank having been impressed by the team they met which was led by Business Partner John Davis.
“It was the quality of the people in front of us that struck us,” said Stephen. “They appeared to be closer to the decision makers than those from the other banks. They were challenging and keen to know the real detail of our business.
“Now we are working with them we feel they are real advocates of our company within Clydesdale Bank.”
Mark Laughlan, Managing Partner at Clydesdale Bank’s St Albans FSC said he was delighted Atlas had chosen to bank with them.
“I think the directors recognised that we understood their business. At Clydesdale Bank, our Business and Credit Partners within our FSCs can react swiftly to a company’s changing needs using our knowledge of their business plan and markets.
“I would be delighted to speak to anyone who is looking to grow their business and is looking for financial support.”
To find out more about Atlas Converting visit www.atlasconverting.com.
Clydesdale Bank’s St Albans FSC can be found at 4th Floor, Verulam Point, Station Way, St Albans, AL1 5HE, telephone 01727 898 700.