UK-based Haydock Finance is supporting Transcend Packaging’s expansions plans with a £2.2m Coronavirus Business Interruption Loan Scheme (CBILS) facility.

The funds are for the purchase of new machinery to meet the rising demand of producing sustainable paper straws for their UK and European on-pack straw customers.

Launched in 2017, Transcend has rapidly become one of Europe’s largest producers of paper drinking straws. With a wave of new legislation to shift certain packaging categories from plastic to sustainable alternatives, there has been an urgent need to find a replacement for on-pack plastic straws for aseptic cartons.

The Industrial StrawTM has been designed by Transcend as a direct paper replacement with a market demand of billions. Haydock’s structured finance team specialise in helping businesses grow by developing a deep understanding of the company’s needs as they evolve.

Andrew Darby, structured finance director at Haydock, worked closely with Transcend to develop a solution that would fulfil their growth ambitions.

He said: “We were delighted to assist Transcend with the addition of these cutting-edge machines, which will significantly increase their production capacity.

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“Having met with key members of Transcend’s team, and toured the site, we were impressed with their strategic plans for the future and the tremendous scale and customer base they had already achieved in a relatively short space of time”.

Justin Bailes, director of corporate development and strategy at Transcend, said: “After a series of discussions, we felt they were an excellent partner to meet an important part of our asset finance requirements. With Haydock’s assistance, Transcend is in the process of scaling up our production as we add major international brands as clients within a short timescale.”

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