Advising Viscose Closures Ltd on partial exit of Development Bank of Wales
Our client, Viscose Closures Ltd, has successfully repaid a seven-figure finance package originally put in place in 2011 with Finance Wales – now known as the Development Bank of Wales (DBW).
Viscose has been manufacturing in the UK for more than 125 years and in Swansea for 70 years. It makes film and cellulose tamper evident products primarily for the food, beverage, pharmaceutical and scientific equipment sectors.
The investment it received nine years ago from DBW and from a group of angel investors, has enabled the business to considerably develop its manufacturing plant and product range.
As it moves into its next ambitious chapter, Viscose has now repaid its debt to DBW, which remains a minority shareholder.
Senior Associate Laura Spendiff, from Capital’s corporate team, advised Viscose on both the exit from DBW, and the subsequent reorganisation of the company.
Laura Spendiff, senior associate at Capital Law, said:
“As a home-grown business operating internationally ourselves, it’s been a pleasure to help Viscose to take the next step in their ambitious growth strategy – working closely with DBW and the investors to develop the best possible exit and succession planning strategy. We wish the Viscose team every success, as it continues to experience record growth despite the Covid-19 pandemic.”
Vince Minchella, Chief Executive at Viscose, said:
“Repaying the finance package that has enabled us to grow so much over the past nine years is a major moment in the history of Viscose. We’re grateful for Capital’s advice throughout the buy-out transaction, and are excited to move into the next chapter with ambitious growth goals in place to secure a strong and prosperous future.”
