January 31 2015 Latest news:
By SAM WILLIAMS, Senior business writer
Tuesday, March 8, 2011
Jeyes’ expansion into Central Europe has been boosted by a ¤5m (£4.3m) injection.
The household cleaning and hygiene products brand, which earlier this month shifted its headquarters from Thetford to Cambridge Business Park, secured the funding from RBS through its office in the Czech Republic.
The firm said the money would be used to support the development of the company’s operations in the region and increase product innovation capabilities across the group.
Jeyes employs 540 at its Kadan facility in the Czech Republic, which manufactures toilet automatics, air fresheners and insect control products.
Sam Erben, group treasurer, said: “We’re very pleased that RBS continues to support Jeyes’ exciting and ambitious development plans as a leader in cleaning and freshening spaces and places. This deal enables expansion of our business in Central Europe and supports our innovation capabilities here in the UK.”
The cash may also benefit Jeyes’ Thetford operation, which employs more than 300, which the company said last week was in line from increased investment in research and development and manufacturing.
Jim Braithwaite, relationship director of RBS Corporate’s Norwich office, added: “This [funding] will help provide a further platform for innovation and growth which remain key strategic aims of the management.”
Jeyes, which makes products including Parazone bleach and Bloo toilet cleaner, posted sales of £203.1m for the year ended August 2010, a drop of 7pc, or £15.8m, compared to the previous year, partly a result of the firm dropping loss-making lines following a strategic review under its new chief executive, Bernard Daymon. Earnings before interest, taxes, depreciation and amortisation rose £1.8m to £10.3m.
Around 2,000 Tesco workers discovered their jobs were at risk after the supermarket giant disclosed the locations of 43 store closures including two in Essex - a Homeplus store at Chelmsford and a smaller store in Heybridge.