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Melton Mowbray BS buys stake in packager

Melton Mowbray Building Society after the Melton bought a stake in packager Praxis.

The society is pledging increased capital for new IT systems on the back of its investiment to buy a minority share in the firm.

Praxis managing director Richard Stettner says: “Both companies have expertise in different areas and together we hope to explore new ventures, that otherwise could have been impossible. Melton’s buy-in gives us the ability to expand our service range even further in 2007.”

Melton chief executive Martin Reason says: “The Melton has an ambitious growth agenda and we see our relationship with Praxis as an exciting opportunity to continue this.

“To enhance and grow the specialist packaging capability of Praxis, the Melton has pledged capital, particularly for investment in new IT systems. Coupled with this we also welcome the opportunity for the sharing of other processes and human resources which will undoubtedly benefit both Praxis and the Melton.”

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