Ultimate Packaging secures £1m funding from Barclays

ULTIMATE Packaging, which produces wrappings and plastic bags for major retailers including Asda, has secured £1m of new funding from Barclays Commercial to allow it to invest in new machinery.

The Grimsby-based business, which is located  on a 60,000 sq ft state-of-the-art factory at at the Europarc site, plans to use the funds to invest in the latest print and conversion technology for food industry packaging.

Jeremy Hodson, financial director of Ultimate Packaging, said: “Since the turn of the millennium we have seen impressive year on year growth which has impressed our growing portfolio of blue chip customers. This new funding will allow us to invest in the top of the range printing press technology and meet the increasing demands of the large retailers in terms of flexibility, range and speed.”

The funding for Ultimate Packaging was provided by a European Investment loan which attracts cash back on a percentage of the loan drawn and helps businesses in the current environment.

Barry Haslam, relationship director with Barclays Commercial in Humberside said: “We are delighted to support Jeremy and his team with this transaction which demonstrates Barclays are open for business and committed to the Humberside market. It’s good to see a business in the food industry bucking the trend and I look forward to seeing the company go from strength to strength in the future.”