Crowe Corporate Finance helps oil the wheels of manufacturing contract for PPE
The corporate finance team in the Midlands office of national audit, tax, advisory and risk firm Crowe has helped a Tividale manufacturer secure a Government contract, leading to the creation of more than 500 jobs, throughout the firm’s West Midlands supply chain.
Corporate finance partner Andy Kay, who advised Ramfoam on how to fund and manage an order to deliver three million visors per week to the NHS, said: “Funding the supply chain from the outset was a critical factor in enabling Ramfoam to deliver the order.
“The senior team knew immediately that they wanted to support the NHS, particularly amid a growing and pressing shortage of PPE products - so they quickly joined the ranks of the 16,000 other businesses who applied to support the Government’s request.
“However, gearing up financially to respond to the opportunity brought its own challenges.”
Mr Kay and his team worked with Richard Jenkins, area director for the Black Country, Shropshire and South Staffordshire at Lloyds Bank to build a funding package which enabled suppliers’ credit terms to be met and manufacturing to start.
Mr Kay said: “Richard Jenkins is one of Lloyds’ Manufacturing Ambassadors, so he understood the challenges facing Ramfoam.
“We worked together to help Ramfoam raise £2.5 million under the Coronavirus Business Interruption Loan Scheme.
Established in 1995, Ramfoam is one of the UK’s leading manufacturers of polyethylene and polyurethane foam for use across a diverse range of markets.
Ramfoam already had significant experience in converting medical-grade foam products for the healthcare market in numerous applications, so at the beginning of April 2020, led by their international director, Tim Mulqueen, their research began.
Mr Mulqueen said: “This contract is great importance for us as a business. We were driven by a desire to support front-line medical staff and are so proud to have contributed to their safety, as well as being able to create so many new jobs.
“With their 100 per cent success rate in helping business secure CBILS loans, I knew we would be in safe hands with Crowe and we are grateful for the invaluable support and advice the team gave throughout this whole process.”
Legal advice to Ramfoam was provided by Addleshaw Goddard in Manchester.
