Turbo Systems speeds up growth with funding
A MANUFACTURER of food and non-food processing equipment has made an acquisition and is investing in new machinery after receiving a £350,000 funding package.
Turbo Systems, based in Hull, has used the funding, secured from The Royal Bank of Scotland, to purchase the design and manufacturing arm of FP Packaging.
FP Packaging has relocated from Surrey to Hull as a result of the transaction.
As part of the acquisition, Turbo Systems is redesigning the company’s existing packaging range.
Established more than 50 years ago, Turbo Systems designs, manufactures, installs and maintains depositing systems.
It currently employs 60 people and has annual turnover of £4m.
It is anticipated that with the acquisition of FP Packaging that the company’s turnover will increase by 20% over the next 12 months and create six jobs.
The company’s equipment can process liquid and semi-solid materials in applications ranging from measured weight control of materials through to fully automated production systems which dispense containers, seal and date code.
The company’s clients cover a broad spectrum of industries and sectors from food and drink to pharmaceutical and industrial.
Turbo Systems has also used the funding to develop a new depositing machine which runs 20% faster than other machines.
The loan has been made through the Government’s Enterprise Finance Guarantee Scheme.
Andy Lang, managing director of Turbo Systems, said: “It’s a really exciting time for the company. The new depositing machine will enable us to increase our productivity and the acquisition of the design and manufacturing part of FP Packaging creates a perfect synergy with Turbo Systems and will enable us to diversify into other sectors such as the cosmetics and household industries.
Neil Waterhouse, relationship manager, business and commercial banking at RBS in Hull, said: “Turbo Systems has an excellent understanding of its industry and the business has developed at a considerable pace since it was established.
“The company has a number of real strengths, one being its customer service, evidenced by strong customer loyalty, which translates into repeat sales.
“The acquisition of FP Packaging will strengthen the company’s offering and take it to the next stage of growth and we are delighted to support Andy and the team.”
