The Nicholl Group has completed the final phase of its debt restructuring strategy with the reduction of its bank debt of over £20m to £1.2m, which is scheduled to be repaid over the next three years.

This achievement marks the conclusion of the major corporate development programme put in place by Nicholl in autumn 2009 following the appointment of a new senior management team led by Group Chief Executive John Griffiths and Group Finance Director Simon Paul.

As part of the programme, Nicholl has also undertaken a massive new product development programme which has led to the introduction of several innovative ranges, widening the company’s product portfolio to include food packaging formats in new materials that complement its existing marketing leading range of over 800 aluminium trays.

“The dramatic reduction in our bank debt is excellent news for our customers and suppliers, underpinning the group’s financial stability and long term development prospects,” comments John Griffiths.

“Equally important, it gives us a firm foundation on which to continue to meet our ambition of providing a complete packaging solution in a wide variety of food sectors including fresh and frozen products, ready meals and convenience foods.”

Nicholl is currently finalising agreements for more distributorships which will introduce further materials, shapes and containers into its product portfolio. The company will be showcasing its latest additions at Pro2Pac at Excel, London in March, and at Interpack in Düsseldorf in May.