Paintbox Group, a UK-based full service supplier of premium exterior systems and advanced painting and finishing solutions to the automotive industry, secured debt and equity financings.
The Business Growth Fund‘s investment, together with a c. £3m facility from Barclays, is facilitating the development of a fourth robotic paint line at the Birmingham site, operational in late 2016.
Founded in 1989 by James Sharp, Managing Director, and Karl Durham, Non-Executive Director, to provide services to the Formula 1 industry, Paintbox now operates three robotic and four manual paint production lines across its manufacturing sites in Birmingham and Banbury, employing more than 300 people and with an annual turnover close to £50m. Customers now include Rolls Royce, Bentley, Aston Martin and Jaguar Land Rover.
Gordon Clark joined as Chairman following an introduction made by BGF.