UK SME finance provider Maven has completed a GBP450,000 debt funding package to Reed Thermoformed Packaging Ltd (trading as “iPac”) via the North East Development Capital Fund, supported by the European Regional Development Fund.
The funding will enable the company to continue to invest in its state-of-the-art facility to deliver on its ambitious expansion plans.
iPac is a manufacturer of thermoformed packaging supplying bespoke and standard packaging for the food and non-food packaging sectors. The business offers innovative solutions to packaging challenges, combining ingenuity with extensive process, tooling and design expertise to deliver aesthetically and functionally superior packaging to food processing businesses, packers and retailers. iPac operates from its new thermoforming and conversion plant in Gateshead with a strong environmental and sustainable ethos, 90 per cent of iPac’s raw material comes from recycled materials and the business is currently researching alternatives to fossil-based polymers.
The global thermoformed plastics market size was valued at USD11.69 billion in 2018 and is expected to reach USD16.28 billion by 2025. The food industry is a major application segment of the market, expected to drive global demand.
The management team is highly experienced and dedicated to establishing iPac as one of the UK’s leading thermoform manufacturers. Managing Director, Harry Reed, is a serial entrepreneur with over 40 years’ experience in the thermoforming industry. Finance Director, Jonny Catto, is a chartered accountant with a broad range of experience across Corporate Finance and Transactions Services at Deloitte in London for 8 years. Sales Director, Gary Bage, is an industry veteran with over 30 years’ experience within large multinational thermoforming organisations.
Michael Vassallo, Investment Director at Maven, says: “We are delighted to support iPac as it launches its exciting growth strategy. A real innovator in its field, the team is highly experienced with a wealth of sector knowledge able to drive the business forward. We look forward to working with Harry and the team to support the execution of iPac’s expansion plans and help the business in its aim to become one of the UK’s leading thermoformed packaging manufacturers.
“Since opening the Maven offices in the region less than two years ago, Maven’s positive impact on businesses in the North of England is already evident, fuelling the growth of ambitious SMEs across a wide range of industries.”
Harry Reed, Managing Director of iPac, says: “We are very happy to welcome Maven as a key business partner at this exciting time in our journey. Since commencing production less than two years ago, we have quickly established iPac as key player and innovator in our industry. The funding provided by Maven will allow iPac to deliver the next stage of our growth plan through 2019 and beyond.”