5th March 2019
Springfield Solutions Limited (“Springfield”), a Hull based niche digital label printing and brand management business, has been provided with a significant funding package by HSBC Corporate Banking in Hull.
Springfield was originally set up and established by Albert Dass over 40 years ago with HSBC as its banker. This long-standing relationship has enabled HSBC to understand and work closely with Springfield to release funding which will be used to allow the business’ growth plans to be rolled out. As part of the growth strategy Albert Dass will focus his time on Special Projects with his son Matt Dass stepping into the Managing Director Commercial & Innovation role. Matt Dass will work alongside Steve Forster who will focus on his position as Finance & Business Strategy Director and Dennis Ebeltoft who will continue as Operational & Systems Director.
DSW Corporate Finance’s Yorkshire & North East team, Rollits Solicitors, Holdstock Accountants and the Tax Advisory Partnership acted for the shareholders and advised the business whilst Wilkin Chapman Solicitors’ Beverley office advised HSBC. The team at HSBC was led by Dan Wilson and Julie Bowler.
Matt Dass, Managing Director of Springfield said: “all parties have worked closely and collaboratively resulting in the management team having the financial resources to take the business to the next stage of its development”
Dan Wilson, Relationship Director HSBC commented: “it has been a pleasure to support such a long-standing client with these new facilities which will provide them with the financial resources to continue to grow and develop the business under the leadership of the next generation of the Dass family.”
Richard Townsend, Director at Dow Schofield Watts Corporate Finance said: “Working with the owners and management of Springfield has demonstrated the current vibrant business environment in Hull and Yorkshire in general. Albert and the team over many years have established and built up a great business based on innovation and quality which can now be transitioned onto the next generation that is ideally placed to take Springfield forward to the next level.”
Steve Forster, Finance Director at Springfield Solutions said: “The planning and execution of Springfield’s refinancing was a very well managed process, with DSW working closely with HSBC, ourselves and the legal team. The whole process was managed to allow the business operation to continue without any intrusion into its daily function. The working team that DSW provided covered all aspects required by Springfield and its shareholders and was actioned in a professional, valued and informative manner. The test in any financial deal is measured by the reactions by all parties on the final day and completion went without any issues with a team that all looked forward to the new challenges the business will bring”