Box specialist secures funding package
An early-stage business which offers custom-made boxes and packaging has been assisted in its growth with funding from Finance Yorkshire.
Hull Boxes & Packaging, which was established in 2013 from two long-established Humber businesses, has secured a £15,000 Business Loan from the regional funding body.
The investment will provide vital working capital, enabling the firm to continue its bespoke service, specialising in smaller-run, quick turnaround requirements for SMEs.
Now employing 13 people, Hull Boxes & Packaging is headed by Directors Richard Britton and Susan Winter, who both have considerable experience in the sector. It achieved £1 million turnover in its first 12 months and is aiming to double that within the next couple of years.
The business meets the needs of a range of sectors, from electrical and perfumery, to the traditional ale market and seasonal requirements such as high-quality packaging for organic turkeys.
Commenting on the investment, Richard Britton said: “This Business Loan from Finance Yorkshire will allow us to maintain our service levels while we take on yet more customers. We have ambitions to grow the business up to £2m turnover, while maintaining our reputation for often niche requirements.”
Finance Yorkshire Portfolio Manager David Ward said: “Hull Boxes and Packaging was borne out of two long-established Humber firms and as an early-stage business, was finding the traditional routes to funding difficult. We are delighted to be able to support the company in its growth ambitions, and we are confident that with such a strong senior management team in place, it will continue to be an asset to the Humber economy.”
To date, Finance Yorkshire has made 686 investments totalling more than £87.5 million.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire