FORUM PACKAGING LIMITED
Opportunity 70/100 (strong), bankability 57/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 3 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (58/100).
Refinance opportunity
8 live charges · 3 lenders · oldest 15.2y
Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.
- · Oldest live charge is 15.2 years old — likely at or near maturity.
- · 3 lenders named — inter-creditor friction likely.
- · Distress signals active — lender appetite narrows.
Data confidence
Overall: medium (78/100)Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.
Solid opportunity signal. Worth a dedicated memo and management meeting.
Signals from accounts
Derived from iXBRL accounts · FRS 102Key financials
2 years extracted from filed iXBRL accountsHover to see exact values · click legend to toggle series
Financials
Extracted from Companies House accounts · FRS 102| Metric | 2025-04-30 | 2024-04-30 |
|---|---|---|
| Total assets | £4.89M | £4.45M |
| Current assets | £5.98M | £5.30M |
| Cash | £550.9k | £250.3k |
| Debtors | £3.59M | £3.52M |
| Net assets | £4.30M | £2.96M |
Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.
3 signals detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.
Available from the Pro tier upwards.
See pricing →Recent activity
- • 1 confirmation-statement
Corporate timeline (33 events)Click to expand
- 2025-12-18📄accounts-with-accounts-type-mediumaccounts · AA
- 2025-02-27📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC05
- 2024-11-25📄accounts-with-accounts-type-fullaccounts · AA
- 2024-02-22📄change-to-a-person-with-significant-controlpersons-with-significant-control · PSC05
- 2024-01-29📄accounts-with-accounts-type-fullaccounts · AA
- 2023-01-26📄accounts-with-accounts-type-fullaccounts · AA
- 2022-09-05📄resolutionresolution · RESOLUTIONS
- 2022-09-05📄memorandum-articlesincorporation · MA
- 2022-01-28📄accounts-with-accounts-type-fullaccounts · AA
- 2021-12-22📄change-person-director-company-with-change-dateofficers · CH01
- 2021-02-25📄accounts-with-accounts-type-fullaccounts · AA
- 2020-01-31📍move-registers-to-sail-company-with-new-addressaddress · AD03
- 2020-01-31📍change-sail-address-company-with-new-addressaddress · AD02
- 2020-01-30📄accounts-with-accounts-type-fullaccounts · AA
- 2019-11-01📄legacymiscellaneous · RP04CS01
- 2019-10-18📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2019-10-18📄cessation-of-a-person-with-significant-controlpersons-with-significant-control · PSC07
- 2019-10-18📄notification-of-a-person-with-significant-controlpersons-with-significant-control · PSC02
- 2019-03-19🔓Charge satisfied #1
- 2017-10-31🔒Charge registered #8Lender: Barclays Bank PLC
- 2017-06-15🔓Charge satisfied #3
- 2017-06-15🔓Charge satisfied #2
- 2017-06-09➖SPIVEY, Mark Ian resigneddirector
- 2017-06-09🔒Charge registered #7Lender: Barclays Bank PLC
- 2017-06-09🔒Charge registered #6Lender: Barclays Bank PLC
- 2017-06-09🔒Charge registered #5Lender: Barclays Bank PLC
- 2017-04-27🔒Charge registered #4Lender: Barclays Bank PLC
- 2015-06-26🔒Charge registered #3Lender: Lloyds Bank PLC
- 2011-05-04🔒Charge registered #2Lender: Lloyds Tsb Commercial Finance Limited
- 2011-05-04🔒Charge registered #1Lender: Lloyds Tsb Commercial Finance Limited
- 2011-02-21🏢Company incorporatedAs FORUM PACKAGING LIMITED
- 2011-02-21➕MASSEY, Robert George appointeddirector
- 2011-02-21➕SPIVEY, Mark Ian appointeddirector
Owner dependency
The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.
- +Sole director: Only one active director — all governance concentrated on one person.
- +Long-tenure founder: Senior director has been in place 15 years — deep operational knowledge concentrated in one person.
Succession & seller-readiness
Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.
- primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
- secondary12+ year tenure: Director in role 15 years.
- secondaryStable-but-static management: Company is 15 years old and no new directors in the last 3 years — succession not yet being planned internally.
- supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.
Red flags
1 med · 1 lowMultiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.
Heavily leveraged with multiple live security positions — understand the capital structure before proceeding.
Group structure
Rm217 Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.
Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).
Shareholders & ownership
1 active beneficial owner · dominant holder ≥75%| Name | Shares | Voting rights | Nature of control | Notified |
|---|---|---|---|---|
Rm217 Limited Corporate entity | 75–100% | 75–100% | board control75-100% shares · 75-100% voting · board control | 09/06/2017 |
2 historic (ceased) PSCs
- Mr Mark Ian Spiveyceased 09/06/2017· 25-50% shares · 25-50% voting
- Mr Robert George Masseyceased 09/06/2017· 25-50% shares · 25-50% voting
From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.
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8 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.
Available from the Pro tier upwards.
See pricing →Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.
Available from the Pro tier upwards.
See pricing →Company details
Registered office
Filing status
Officers (1 active · 1 resigned)
Click a director name to see their full track record across all companies.
Mortgages & charges
| Type | Properties | |||||
|---|---|---|---|---|---|---|
| outstanding | Barclays Barclays Bank PLC | A registered charge | — | 31/10/2017 | — | |
| outstanding | Barclays Barclays Bank PLC | A registered charge | — | 09/06/2017 | — | |
| outstanding | Barclays Barclays Bank PLC | A registered charge | 1 property | 09/06/2017 | — | |
| outstanding | Barclays Barclays Bank PLC | A registered charge | 1 property | 09/06/2017 | — | |
| outstanding | Barclays Barclays Bank PLC | A registered charge | — | 27/04/2017 | — | |
| satisfied | Lloyds Banking Group Lloyds Bank PLC | A registered charge | 1 property | 26/06/2015 | 15/06/2017 | |
| satisfied | Lloyds Banking Group Lloyds Tsb Commercial Finance Limited | Legal mortgage | 1 property | 04/05/2011 | 15/06/2017 | |
| satisfied | Lloyds Banking Group Lloyds Tsb Commercial Finance Limited | Debenture | 1 property | 04/05/2011 | 19/03/2019 |