Manufacturer secures multimillion-pound funding to protect its future
A Birmingham manufacturer and distributor of packaging solutions has received a seven-figure finance facility to protect its future.
NDC Polipak, which has three divisions, building products, performance packaging and bulk packaging, is set over two sites in Halesowen and supplies products to the construction, DIY, horticulture and animal feed industries.
The company is using the additional facility to support its cash flow, as well as supporting the continuation of supplier payments during the lockdown period.
The loan from HSBC UK forms part of the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
Nick Grove, finance director at NDC Polipak, said: “We should have been entering our busiest period of the year so we had high stock levels on site ready to be delivered to customers ahead of the Easter and May Bank Holidays, which was obviously then put on hold.
“The support from our relationship manager, James Dungey, and the wider HSBC UK team really helped to take the uncertainty out of the situation for us, enabling us to adapt our plans quickly to ensure we were able to support our colleagues and our customers and to meet changing stock demands.
“Whilst our building products division has been operating at reduced capacity since the lockdown began, our performance packaging and bulk packaging teams have been working round the clock to ensure customers have what they need during this challenging time.”
Dave Ramsden, HSBC UK area director, South West Midlands corporate banking added: “Different industries are facing new challenges in light of the pandemic so it’s critical that we’re able to tailor our support to ensure the right financial package is available to each customer.
“We were pleased to be able to provide NDC Polipak with the CBILS facility to further support the business’s working capital at this time, ensuring it could meet the demands of its customers and make vital payments to suppliers.”