Anzeck Plastics Ltd.
Name: Oscar Chughtai, Badar Chughtai, Kamran Chughtai
Trading Ward:
Business Name: Anzeck Plastics Ltd.
Business Address:
Florence Street, Bradford, BD3 8E
Email: Contact Anzeck Plastics Ltd.
Telephone: 01274 669672
Background of Business
Anzeck Plastics, an award-winning packaging solutions company, has been trading in Bradford for more than 20 years. Local councils and NHS Trusts are among its clients for biodegradable, recycleable and traditional packaging. The credit crunch became a harsh reality for the company when their bankers for 15 years reduced their overdraft facility and increased to 29 per cent the interest charged if the revised overdraft limit was exceeded. The bank took this action at a time when Anzeck needed to buy raw materials quickly to avoid huge cost hikes resulting from higher oil prices.
Support Journey
Anzeck's management turned to the Bradford-based Business Enterprise Fund for advice. This not only resulted in an intensive ‘change management' programme but also a restructuring of the company's financial management. The Fund provided an interim overdraft facility to ensure that existing orders could be completed, while keeping the company below its new overdraft limit. It also put the company's business forecast to several other banks; all of them offered Anzeck better borrowing terms.
Where are they now
‘The result of our intervention,' says Stephen Waud, Director of the Business Enterprise Fund, ‘was that Anzeck were restored to a much healthier financial position and, thanks to the change management process, are now better able to ride the tide of the recession.'
The Fund provides a full, turnkey Access to Finance service on behalf of Bradford Kickstart. In addition to a loan, businesses also receive intensive business support, including book-keeping and an accounts package. Following a diagnostic check on the business and, if required, financial restructuring, the Fund either provides financial assistance directly, introduces the company management to other finance providers and refers them to other professional providers, such as accountants.
‘We look for businesses with a well thought out and developed business idea, managed by committed and determined individuals,' says Stephen.
