UK small business finance provider Close Brothers Asset Finance has offered Transcend Packaging a £3m Coronavirus Business Interruption Loan Scheme (CBILS) facility to help fund the firm’s industrial paper straw machine, the first in Europe and the UK.
The decision to invest in a machine capable of producing the first ‘u-bend’ paper straw follows the signing of a new three-year deal with a major soft drinks firm, Close Brothers said in a statement.
Transcend Packaging was established in 2017 and is one of Europe’s biggest manufacturers of paper straws and is at the forefront of ‘blue planet’ packaging, according to the statement.
Jordan Pocock, (pictured) relationship manager at Close Brothers Asset Finance’s print division, said: “Securing funding for a business during the pandemic is extremely positive news. We’ve been working with Transcend Packaging since their inception and have witnessed the business go from strength-to-strength.
“This latest round of funding is another example of how we have continued to support businesses in times of need. A by-product of this investment will be an increase in efficiency, which will in turn allow them to service contracts, leading to further growth.
“This latest investment will result in both continued job security for existing staff and job creation; they should be commended for taking a proactive approach during the pandemic.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Lorenzo Angelucci, managing director of Transcend Packaging, said: “This new straw machine allows us to remain at the forefront of sustainable packaging, and able to fulfil the requirements of a key customer.
“We’re really grateful for Close Brothers Asset Finance’s continued support, after restructuring our finance agreements earlier in the year, enabling us to mass-produce face shields for the NHS.”