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Refinance means new jobs at ANC

Written by Business Weekly

Wednesday, 24 November 1999

New jobs in Bedfordshire have been guaranteed following an announcement from express parcels carrier ANC that it has refinanced its core activity. New jobs in Bedfordshire have been guaranteed following an announcement from express parcels carrier ANC that it has refinanced its core activity. The pledge on further employment opportunities is also good news for the 150 staff who will initially work at the new ANC southern sortation hub at Marston Gate. ANC has invested £111m in the facility. ANC Business Services Group Ltd, a new company backed by the private equity arm of the Prudential - PPM Ventures - along with existing management have acquired ANC Group Ltd from HSBC Private Equity. The refinancing is designed to underwrite a five-year strategy to win new business in the UK and internationally. The new company is owned 26% by management and 74% by funds managed by, and clients of, PPM Ventures, which will occupy one non-executive seat on the board alongside the existing directors. ANC's turnover for the last year was £78.5m and profit before interest and tax, £7.5m.

 

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