Close Brothers Asset Finance funds environmental packaging start up
Close Brothers Asset Finance has provided start up funding for Transcend Packaging, a Wales based packaging firm focused on sustainable paper based packaging – including straws – digital printing and biodegradable paper cups.
The firm has already seen impressive growth in only a short space of time, with deals signed to supply paper straws to some of the UK’s leading fast food and coffee chains including McDonald’s, along with major distribution companies servicing the hospitality sector. The company is now seeing extensive demand across Europe and North America and is in the process of growing to a target of 200 employees by the end of 2021.
‘We are delighted to once again have supported an ambitious start up firm that will generate new employment in the Caerphilly region of Wales,’ said Paul Philbrick, sales director at Close Brothers Asset Finance’s print division. ‘Environmental based products, like paper straws, is an exciting market for the packaging sector, which we are fully committed to.
‘We have a long history in the printing and packaging industry and understand that many business owners are cautious about investing, but by being creative and innovative in the way we fund assets, we have helped many businesses limit their risks yet still have access to the capital needed to grow sustainably.’
Close Brothers Asset Finance has committed to a number of Hire Purchase agreements for multiple assets over a time period up to 84 months, including a KBA printing press that enables printing onto various substrates, and the paper straw manufacturing machines.
Lorenzo Angelucci, managing director, Transcend Packaging, commented: ‘There has been an increasing demand for sustainability across the packaging industry, mainly because of customer pressure and an increase in regulatory and government waste strategy policies.
‘Paper is taking on an ever growing and important role in the government’s waste solution strategy and we saw a gap in the market to produce eco friendly products for the UK and European markets.
‘Partnering with Close Brothers Asset Finance was a logical choice because of its long history in the print and packaging sector; they were extremely easy to deal with and they understood from the off set what my requirements were, advising and actively helping find solutions.’