Published: 00:01, 28 November 2017
A paper bag manufacturer is poised to pick-up bigger contracts after securing backing worth nearly half a million pounds.
Badalov wants to add to clients like Pasta Remoli and Virgin Active after agreeing a £480,000 invoice finance facility with Bibby Financial Services.
The company, has made biodegradable paper bags at its factory in Larkfield, near West Malling, since 2006, where it employs about 20 people.
Its new funding agreement means it will be able to recieve the money due from invoices from Bibby, even if they have not been paid yet.
Managing director Vasif Badalov said: “As we continued to gain new contracts, our previous funding partner became unable to help support our business needs.
“We really needed a funding partner that understood our business and its trading cycle.
“With this flexible funding in place, we can continue to expand our product range and meet the growing demands of our customers.”
Dean Corth, relationship manager at Bibby Financial Services, added: “Badalov is an exciting growing business that is at the forefront of sustainable paper packaging and we’re delighted to work with a business that puts sustainability as a priority.
“Prior to funding, we assessed the business needs and aspirations and found that financial restrictions were limiting the potential of the company.”
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