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Foodpack factory

St-Helens-based Foodpack has seen a 15 per cent increase in turnover over the last 12 months, after securing a seven-figure asset based lending facility from Secure Trust Bank Commercial Finance last year. The business has seen revenues rise nearly £2m from £11.6m to £13.4m during the period, having expanded key client relationships with Aldi, Tesco and Asda.

Established in 1999, Foodpack is a specialist contract food packaging provider with over 150 employees. It offers a full range of food services including manufacturing, handling, packing and packaging solutions to retailers and the food service industry.

The funding from Secure Trust Bank Commercial Finance was part of a wider restructuring of the business which was acquired by Private Equity Group Seneca and a new Management team, which saw a team of experienced food industry professionals including Anthony Hitchen join the board of Foodpack. This has allowed the firm to increase its cash flow to drive organic growth and target a number of new blue chip clients.

Anthony Hitchen, Chairman at Foodpack, said: "When I joined Foodpack, it was clear that there was potential for growth, with a strong client base and a wide range of services. However, in order to achieve our ambitious goals, we required a financial partner to offer us the flexibility to grow.

"The team at Secure Trust Bank took the time to understand our business and where we want to be, enabling them to tailor the package to our requirements. With a clear strategy in place and funding to facilitate growth, Foodpack is in a great position for the coming years."

David Nadler, Structuring and Portfolio Director at Secure Trust Bank Commercial Finance, said: "Foodpack was a great example of an SME that had built a solid foundation, but required some financial support to help it maximise its growth. By utilising our full suite of asset-based lending products, we were able to support the new owners of the business with a facility that would solve its challenges.

"This has already delivered strong results for the company, and we will continue our work with the management team to maintain this performance next year."