Former Round2 agency Attinger Jack secures funding for expansion strategy
Attinger Jack, the Bath-based agency which was subject of an MBO after parent owner Round2 placed it into administration at the end of last year, has secured funding from Lloyds TSB Commercial Finance.
The agency expects to grow its turnover to £15 million next year having secured an invoice finance facility from Lloyds TSB Commercial Finance following the recent acquisition, led by former owner David Attinger.
As a result, the agency, formed in 1980, was able to retain its employees and clients, but needed additional growth funding to implement short and mid-term expansion plans.
As well as a turnover forecast of £15 million for 2012, the business will also aim to expand its offer to include customer databases.
David Attinger, managing director of Attinger Jack explained that the buyout affected the company’s credit rating, and in order to grow the business it was necessary to provide a cash injection.
“The invoice finance facility was ideal as it is based on our issued invoices and, as we retained our client base, we were able to generate finance to invest in our expansion strategy immediately. As a result, the company is now in a strong position to grow and increase turnover,” he commented.
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Jayne Williams, regional manager, Lloyds TSB Commercial Finance (pictured with Attinger), added: “Attinger Jack works in a changeable industry, where new forms of media continue to emerge and creative briefs constantly expand.
“In order to stay on top of demand and be in a position to provide the best possible service, an invoice finance facility was essential to keep the firm’s cash flow free to invest in growth.
The agency also switched its banking facilities to Lloyds Bank Corporate Markets to gain daily support from its local team.
As well as Attinger Jack, Round 2 UK also owned Robson Brown and AW Communications. Robson Brown was forced to close, while the other two agencies were subject of internal takeovers. Robson Brown however was revived by The Mission Group in the late stages of 2010 and continues to operate.