Contract food packaging provider Foodpack reported a 15% increase in turnover over the past 12 months, following a £7.5m (€8.9m) asset-based lending facility from Secure Trust Bank Commercial Finance in 2016.
Foodpack was established in 1999, and has 150 employees, and counts supermarkets Aldi, Tesco, and Asda among its clients. The St Helens-based business saw revenue increase to £13.4m from £11.6m over the period.
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The funding from Secure Trust took the form of a combined package with Seneca, the private equity group which acquired Foodpack, in a bid to increase cashflow and target further blue chip clients.
The facility formed part of Seneca’s restructuring of Foodpack, which included a change of the management team.
Anthony Hitchen, chairman at Foodpack said: “The team at Secure Trust Bank took the time to understand our business and where we want to be, enabling them to the tailor the package to our requirements.
“With a clear strategy in place and funding to facilitate growth, Foodpack is in a great position for the coming years.”
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By GlobalDataDavid Nadler, structuring and portfolio director at Secure Trust Bank Commercial Finance, said: “By utilising our full suite of asset-based lending products, we were able to support the new owners of the business with a facility that would solve its challenges.”
