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OakNorth helps to fund business acquisition

Alex Lynn | 09:58 Monday 22nd May 2017

Specialist bank OakNorth has completed a £16m loan to Constant Equity for the acquisition of a UK manufacturing business.

The private equity firm has acquired Keencut, a Corby-based company that produces precision cutters for the digital print industry.

The company was established in 1982 and its products are now exported to over 40 countries worldwide, including the USA, France, Germany, Poland and Australia.

Paul Moxon, director at Constant Equity, will serve as the chairman of Keencut and will be joined on the board by international sales and marketing specialist Phil May, and Emma Lockwood, operations director at Keencut.

Paul said: “Keencut is a great British success story.

“It has a world-leading brand based on innovative design and top-quality manufacturing, and has managed to remain true to its local British routes.

“With smart investments in growth areas, we believe the business is well-placed to boost its presence on the world stage.”

Stuart Blair, debt finance director at OakNorth, said: “Keencut has a great team of people who produce fantastic quality products.

“It is a great example of the value of 'made in Britain' and as we look ahead to a future outside of the EU, it will play a vital role in demonstrating the best of British manufacturing.

“With this new investment, and the huge experience that Paul and Phil bring to the table, the business has exciting growth opportunities ahead of it and we look forward to watching as they progress.”

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