Iain Hulmes (centre) with Ann Marie McFadyen and Lewis Stringer of the British Business Bank
Pallet firm looks to create new jobs after £750k funding award
A manufacturer of boxes, pallets and shipping crates using 100 per cent recyclable material is to create 15 new jobs and begin a worldwide expansion programme after receiving a £0.75 million funding boost.
The Alternative Pallet Company aims to use the money to develop a new furniture range, following on from its pop-up desk success. The business is also looking at entering new markets in the high-value fashion and fragile goods sectors, as well as expanding into Europe and North America.
The company, which trades as Pallite from its headquarters in Wellingborough, received funding from the Midlands Engine Investment Fund provided by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme. It is an award-winning international designer and manufacturer of paper honeycomb board products made from more than 80pc recycled materials.
Chief executive Iain Hulmes said: “The FSE Group guided us through the funding process and we appreciate their help to achieve our growth ambitions.”
Ann Marie McFadyen, investment manager at The FSE Group, which manages the MEIF Debt Finance Fund, said: “The UK transport sector produces over 25 per cent of greenhouse gas emissions so it is great that Iain and his team are creating environmentally friendly products that will help reduce these emissions. It is encouraging to see the business enter new markets and we look forward to this next exciting stage of their journey.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.