Packaging company to invest for growth following £250,000 deal
A Leeds-based packaging supplier is embarking on the next stage of its growth plans after agreeing a £250,000 flexible funding deal with Reward Finance Group.
Procurement Supplies provides a design, manufacture and ‘stock and serve’ service for environmentally-responsible transit packaging materials.
It provides customers nationwide with products including stretch film for pallets, tapes, shelf-ready corrugated cases (SRP) and transit outers – all of which protect goods during transport to customers.
The company was founded in 2020 after owners Paul and Stella Sykes spotted an opportunity to help businesses reduce the environmental impact of their packaging. Its plastic products are exempt from the Plastic Packaging Tax (PPT) because they contain at least 30% recycled content.
Following an introduction by Mark Storey of BHP Debt Advisory LLP, Reward Finance Group recommended its Asset Based Solutions product which provides Procurement Supplies with access to a £250,000 facility.
This will support the company’s growth by enabling it to leverage value from its assets, chiefly to invest in increasing its stockholding of sustainable packaging products sourced from its UK and Italian suppliers.
Paul Sykes said the funding facility gives his business the flexibility it needs to move forward.
He added: “Working with Reward has been a pleasure, with Simon and the team taking time to understand our business and recognise the growth opportunities for us.
“Their responsiveness was particularly impressive, with the timescale from the initial meeting to having the facility in place taking only a few weeks rather than months as we’ve experienced with other finance providers.”
Simon Micklethwaite, business development director at Reward Finance Group, said: “Procurement Supplies is a company with excellent growth prospects, particularly given the need for all businesses to operate more sustainably, and we are pleased to be able to support them.
“Through our Asset Based Solutions, Paul and his team have a flexible working capital facility at their disposal which can be used as and when required to suit the needs of the business.”