Sustainable packaging firm to create jobs after bagging six-figure investment

PALLITE® Group uses honeycomb paper cardboard in its products

A Northamptonshire-based manufacturer of sustainable storage and packaging products has set its sights on expansion after receiving a second round of funding from the Midlands Engine Investment Fund (MEIF).

The Alternative Pallet Company, trading as PALLITE® Group, has received £750,000 from MEIF, provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme, to facilitate its growth plans, which include creating new roles in finance and operations and boosting capacity at its Wellingborough base.

The firm created 18 jobs, expanded into overseas markets and more than doubled its sales revenues following MEIF’s initial investment.

Paul Etty, finance director at PALLITE®, said: “We are delighted to have secured MEIF funding, which ensures we press ahead with our growth plans. Our products provide customers with environmentally friendly solutions to help reach their sustainability targets. We are honoured to be a recipient of a King’s Award and excited to be taking this offering to more markets. FSE has continued to show an understanding of our business model and is able to invest where traditional lenders cannot.”

Ann Marie McFadyen, investment manager at The FSE Group, said: Paul and the team have made impressive progress since our last loan – despite difficult trading conditions caused by covid and Brexit – with the company on track to deliver over 100% growth in 2023 for the second year running. We are pleased to be continuing to support this growing and ambitious business as it develops more sustainable products for worldwide use.”

All of the company’s products are made from honeycomb paper cardboard and are 100% recyclable.

Mark Wilcockson, senior investment manager at the British Business Bank, added: “The MEIF supports SMEs in the Midlands that are focused on innovative and eco-friendly business practices. MEIF’s follow-on funding for PALLITE® will support the company’s further growth plans and help create new roles in the region to meet the increase in demand following a successful first funding round.”