Published: 16:00, 09 July 2014 |
A packaging manufacturer is set for huge growth after sealing an investment deal of £5m.
BGF, an independent company established to help Britain's growing businesses has made the investment into Tunbridge Wells based manufacturer Plastique.
The £5m deal secures BGF a stake in the company to support its management's growth plans.
The Plastique head office, on Decimus Park, oversees the design and manufacturing of innovative packing for customers in personal care, household, food and pharmaceutical products.
Managers hope to achieve substantial growth by doubling the size of the manufacturer's facility in Poland.
The business is led by managing director, John Lowe and sales director, Perry Rigler who have worked at Plastique for 31 and 28 years.
John Lowe, said: “Our commitment to quality and design has given us a track record of success going back over 35 years.
"With BGF’s involvement, we feel we can go further and faster. With an investment of growth capital into the company, we can significantly improve our already profitable business over the coming years without losing control of what we have worked hard to build as team."
The business operates primarily in the plastic packaging market, but is also seeing increased demand in the emerging thermoformed pulp packaging market.
BGF investment director, Rory Pope, commented: “BGF was set up to take already growing and profitable businesses, led by strong management teams, and facilitate the acceleration of their growth."
Established in 1979, Plastique has grown steadily and now generates annual revenues of £25m, delivered from three sites in Tunbridge Wells, Nottingham and Poland.
Perry Rigler, sales director added: “Many of our customers are long-standing, having been with us for over ten years and recognise the bespoke products that we provide are of the highest quality.
"BGF’s investment will allow us to further expand our business with these clients, offering the same quality but on a wider range of products.”
BGF has a strong track record of backing British manufacturing businesses having to date backed 19 manufacturers across the UK, with operations ranging from production of plastic payment cards to precision engineered components for the automotive industry.
The new expansion hopes to create new jobs adding to the already existing 170 posts.
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