Packaging specialist enjoys record year of growth after securing Finance For Enterprise & NPIF CBILS backed loans
Humber-based packaging specialist , which has been helping retailers take advantage of the boom in online sales during the COVID-19 pandemic , has secured a £ 110,000 loan , jointly funded by alternative lending provider Finance For Enterprise and the Northern Powerhouse Investment Fund ( NPIF ) and backed by CBILS .
Hull Boxes & Packaging , which specialises in supplying bespoke corrugated cardboard and plastic containers , saw demand for its packaging products boom during lockdown as many of its customers switched operations to online deliveries and click and collect services .
Operating from a 30,000 sq ft production facility , the company recognised it needed to invest in the machinery used to produce its product range , and after approaching finance broker Choice Business Loans , Finance For Enterprise stepped in to provide the vital funds needed to invest in its new machinery as well as providing working capital to overcome supply chain problems .
Working with experienced Senior Investment Manager Tim Daniels , half of the investment is provided directly
46 FDPP - www . fdpp . co . uk by Finance For Enterprise , with the remaining £ 55,000 of funding provided by NPIF - BEF & FFE Microfinance , part of the Northern Powerhouse Investment Fund .
With funding in place , Hull Boxes was able to purchase a new die cutter and gluing and stitching machines , helping the company to increase capacity and meet rising demand for its packaging services . As a direct result of the investment secured , the company is on target to see turnover rise by nearly £ 500,000 . It has also successfully created three new jobs and is planning to recruit a number of new apprentices to its workforce .
Richard Britton , Managing Director , Hull Boxes & Packaging said : “ When the first national lockdown was announced , like many companies , we had to change our operations overnight . Many of the businesses we supplied switched from supplying retailers to delivering directly to customers . Our business was working at full capacity and we recognised that in order to continue to meet demand , it was vital to upgrade some of the machinery we were reliant upon .