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NVM Private Equity makes GBP4m Customs Connect investment

NVM Private Equity has invested GBP4 million of development capital in Customs Connect and Customs Connect Europe, which minimises the customs duty paid by importers.

The funding will be used to support Customs Connect’s expanded service offering in the UK and its expansion plans across mainland Europe.
 
The business is well positioned to provide advice on the potential duty implications of Brexit to importers in the UK and manufacturers and processors who have import operations throughout Europe.
 
The management team includes the two founders, Neil Sheppard and James O’Neill, both experts in Tariff Classification and the EU’s Duty Suspensions regime. Their commercial approach in a compliance-driven sector has enabled them to build a niche service offering that aims to mitigate the cost of import customs duty by working closely with the EU’s customs authorities and within the framework of the new Union Customs Code regulations.
 
The firm has appointed John Barnsley, a former UK managing partner at Price Waterhouse, as chairman. 
 
Andy Leach, investment partner of NVM, says: “We are delighted to be supporting Customs Connect in its ambitious plan to broaden and grow its activities across Europe. At a time when, post-Brexit, the topic of trade agreements and related duty considerations are high on the business agenda, Customs Connect is well placed to assist. This funding will allow Neil and James to expanded Customs Connect’s offering across more territories in Europe where businesses are facing similar challenges.”
 
Convex Capital’s Manchester office provided lead advisory services to the deal, with Shoosmiths (NVM) and Myerson (Customs Connect) providing legal services. 
 
Due diligence services were provided by RSM Manchester (financial), Armstrong Transaction Services (commercial) and The Quinn Partnership (management).

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