A Telford manufacturer has become one of the first businesses in the region to become fully employee-owned, after securing a £5m funding package.
Mail Solutions, established in 2000, manufactures envelopes and a range of stationery products, such as tickets, leaflets and photography wallets, from the four factories it operates across the UK.
It supplies these products to various clients across the country, including banks and insurance companies.
The funding package from Lloyds Bank Commercial Banking, which included asset-based lending and invoice discounting facilities, recently supported the buyout of the business from its previous owners.
This was done with an Employee Ownership Trust (EOT), which enabled the employees to buy the shares of the business.
Mail Solutions, which has a £30m annual turnover, is now fully owned by its 270 nationwide employees. It is one of the first businesses in the West Midlands to do this.
Phil Reid, group finance director at Mail Solutions, said: “Mail Solutions has always valued the contribution it receives from its staff, and we see a bright future ahead with the introduction of employee ownership.
“As we move into 2018, we’re now focusing on the growth of the business and looking at export opportunities.”
Chris Pennick, Relationship Director at Lloyds Bank Commercial Banking, said: “It’s great to see Mail Solutions becoming one of the first firms in the region to embrace forward-thinking business initiatives like EOT. Supporting Mail Solutions’ business ambitions is part of our commitment to helping Britain prosper.”