Gateshead headquartered thermoformed packaging manufacturer has secured regional debt funding to fuel expansion plans.
Maven Capital Partners, one of the UK’s most active SME finance providers, has provided a £450,000 debt funding package to Reed Thermoformed Packaging Ltd (trading as ‘iPac’) via the North East Development Capital Fund, supported by the European Regional Development Fund. The funding will enable the company to continue to invest in its leading edge facility to deliver on its ambitious expansion plans.
iPac is a manufacturer of thermoformed packaging supplying bespoke and standard packaging for the food and non-food packaging sectors. The business offers innovative solutions to packaging challenges, combining ingenuity with extensive process, tooling and design expertise to deliver aesthetically and functionally superior packaging to food processing businesses, packers and retailers. iPac operates from its new thermoforming and conversion plant in Gateshead with a strong environmental and sustainable ethos, 90% of iPac’s raw material comes from recycled materials and the business is currently researching alternatives to fossil based polymers.
Michael Vassallo, investment director at Maven, said: ‘We are delighted to support iPac as it launches its exciting growth strategy. A real innovator in its field, the team is highly experienced with a wealth of sector knowledge able to drive the business forward. We look forward to supporting the execution of iPac’s expansion plans and help the business in its aim to become one of the UK’s leading thermoformed packaging manufacturers.’
Harry Reed, managing director of iPac, said: ‘We are very happy to welcome Maven as a key business partner at this exciting time in our journey. Since commencing production less than two years ago, we have quickly established iPac as key player and innovator in our industry. The funding provided by Maven will allow iPac to deliver the next stage of our growth plan through 2019 and beyond.’
Jonny Catto, operations director (left) and Harry Reed, managing director of iPac (right).