Growth funding revealed by Company of the Year
SPECIALIST SECURES CASH FOR EXPANSION
A FAMILY firm that was recently crowned Company of the Year has secured investment to aid its future growth.
Cleveland Containers took the top prize of the night at the Teesside final of the North East Business Awards, held at Middlesbrough College last Thursday, June 23.
At the event, managing director Johnathan Bulmer, who runs the company with his wife Jane, hinted that an announcement was set to be made at the firm, which has seen huge growth over the last 11 years, taking first-year turnover of £1.1m to £60m this year.
Now the Stockton company – which supplies hundreds of shipping containers every week as well as providing modification services and site accommodations – has sealed the minority investment from leading mid-market private equity firm LDC, to support the next stage of its growth journey. LDC is backing the existing management team to support their growth plan and further enhance Cleveland Containers’ sales and rental offering, while also creating career opportunities for new and existing employees.
The firm currently supplies more than 4,500 customers, including national housebuilders, construction firms, high street retailers and individuals. With the new and used containers ranging in size from 6ft to 45ft, they can be supplied for a number of uses, from storage units to office space, street food vending and site canteens.
Container conversions have also seen them put to use at food and drink venue Stack Seaburn in Sunderland, as well as containers for theme park resorts Gulliver’s Valley in Rotherham and the Peak District’s Gulliver’s Kingdom.
The business has a network of 15 depots and currently delivers more than 400 containers a week to its customers across the UK. It currently employs more than 65 people and is already predicting turnover of £80m for next year.
To support the next stage of its journey, Andrew Thompson, former managing director of portable site accommodation and storage container rental provider Mobile Mini, has been appointed as chief operating officer. Jon Hurford, former finance director at O’Brien Waste Recycling Solutions, has also joined the business as chief financial officer, and Richard Tredwin, former CEO of SRL Traffic Systems, has been appointed as non-executive chair.
The undisclosed investment was led by Gareth Marshall, partner and head of LDC in the North East, and investment manager Naomi McDiarmid, who will also join the board.
Mr Bulmer said: “I’m really proud of everyone at Cleveland Containers.
“The team has worked tirelessly to cement our market leading position and with LDC’s support we are now in a position to strengthen our business further and welcome more people into our fun and fast-growing business.
“As soon as we met Gareth and Naomi at LDC, we knew that LDC was the right partner to support our growth plans. They have helped to bring in new experience and perspectives to our business, and it’s a real benefit that their Newcastle office is only a short distance away.
“We feel well supported to continue our growth.”
Gareth Marshall, partner and head of LDC in the North-east, said: “Johnathan, Jane and the team at
Cleveland Containers’ commitment to customer service has been key to their growth.
“As a result of their efforts and creativity, we’re seeing an increasingly innovative use of containers across the UK. We’re looking forward to helping the business to bring the right container, site accommodation and modular turnkey solutions to even more customers.”
Cleveland Containers was advised by UNW and Womble Bond Dickinson. LDC was advised by Grant Thornton, Weightmans and Fairgrove Partners.