(PRWEB) March 8, 2006
Creative Outsourcing Solutions International (COSi), UK’s leading developer and contract manufacturer of cosmetics and toiletries, completed a refinancing on 21st February 2006, obtaining new funds for the working capital needs of the business as well as for investment in the group’s strategic initiatives.
COSi’s new comprehensive debt package includes asset based lending facilities provided by Venture Structured Finance.
Venture Structured Finance replaced Barclays Bank plc as a debt provider; however Barclays Ventures remains a major shareholder. Barclays Bank has been COSi’s financier for over four years and has been very supportive of the business.
COSi’s Chief Finance Officer, Alison Henriksen, commented, “Management is delighted with the outcome of the refinance and the flexibility of the facilities we now have in place. As a manufacturer, asset based lending has proved to be a very attractive option, and we have found Venture Structured Finance to be innovative in the way they’ve structured the deal.”
COSi produce colour cosmetics and toiletries for major brand owners all over the world from its plants in Wales and West Sussex. Despite tough trading conditions in 2005, the company outperformed many of its UK competitors through efficient manufacturing techniques and an aggressive programme of sales expansion into Europe and the US. Early last year sales offices were established in mainland Europe, China and the US.
COSi’s CEO Bob Tolan said, “The refinancing enables us to move forward with the strategic initiatives that will accelerate the growth of COSi. We are well prepared and extremely focused on our strategy to achieve a leadership position worldwide.
“Our next step is to move forward with plans to establish operations around the world in regions where our customers most need our services,” Tolan continued. “I have no doubt that COSi will be successful in our quest to become the best in our industry.”
For more information please contact:
Corporate Development Manager
Phone: +44 (0)1903 278085
Mobile: +44 (0)7917 343014
Fax: +44 (0)1903 278004
Creative Outsourcing Solutions International Limited
Watersmead Business Park
Both Bob Tolan (CEO) and Alison Henriksen (CFO) are available to be interviewed. Please make arrangements with Jenny McGregor.