Close Brothers Asset Finance has offered Transcend Packaging a £3m Coronavirus Business Interruption Loan Scheme (CBILS) facility to help fund the firm’s new industrial straw machine, the first in Europe & the UK.
This follows the signing of a new three-year deal with a major soft drinks firm, and with current machinery operating at capacity, the team made the decision to invest in an industrial paper straw machine capable of producing the first ‘u-bend’ paper straw.
Since their formation in 2017, Transcend Packaging has grown to become one of Europe’s biggest manufacturers of paper straws and are at the forefront of ‘blue planet’ packaging.
Jordan Pocock, Relationship Manager, at Close Brothers Asset Finance’s print division: “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.”
Lorenzo Angelucci, Managing Director, Transcend Packaging: “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.”