JBL, which was founded in 1830 and is based in Oldham, Greater Manchester, has announced a new £8.5m funding deal with Close Brothers. Endless, which has backed the business since 2013, will continue to have a majority stake, whilst management will also take a significant shareholding in the business.
Chief executive Paul Blackaby said the business, which has been through a major turnaround over the last few years, is now on a firm financial footing with a robust balance sheet and the right capital and equity structures to support future growth. The turnaround in James Briggs’ fortunes is underlined by its financial results for the year to 30 June 2018, which showed EBITDA increasing by 100% to £2.4m on revenues of £45m.
The company, which is one of the largest employers in Oldham with 274 employees, expects its results for 2019 to show further strong traction with revenues surpassing £50m and EBITDA topping £3m. Blackaby said the new capital structure and deal with Close Brothers, was an “important milestone as the company enters a new era.”
“We strongly believe that we are now set for the future. Our customers and indeed our valued employees can be confident that we have a healthy, balanced period of sustainable growth ahead of us.
“While it’s impossible to predict precisely what will happen after the UK leaves the EU, this new deal means we can withstand the risks associated with Brexit and that we are prepared for whatever a post-Brexit era Britain might look like.”
