Packaging firm recovers with £2.5 million support

A Merseyside-based packaging company is thriving after securing significant funding to navigate post-pandemic challenges and expand its operations.

PEC Packaging Ltd, a leader in timber packaging which supplies major clients including Jaguar Land Rover, Nissan UK and Siemens, utilised a £2.5 million invoice discounting line from Skipton Business Finance to address cashflow issues caused by a COVID-19-induced dip in demand within the automotive sector.

Bosses say the funding has “transformed” the company, helping it to not only recover but invest in a larger facility at Brunswick Dock in Liverpool, supporting its plans to “move forward” and “scale up significantly”.

Tiernán Rice, finance director at PEC Packaging, said: “The invoice discounting support provided by Skipton Business Finance has truly transformed our business.

“As our core customers operate in the automotive industry, COVID-19 caused many financial headaches for us due to a lack of demand for products and it soon became apparent that well-managed finance support was needed to help the business through challenging times. 

“As the market began to recover, we were able to use the working capital provided to support plans to scale up significantly, taking on additional staff to service our ever-growing customer base.

“We have also been able to move to a larger site at Brunswick Dock, Liverpool which provides us with the extra production capacity required to support our plans for growth.” 

Peter Heyes, senior relationship manager at Skipton Business Finance, added: “We’re delighted to have been able to provide PEC Packaging with suitable finance to help the business recover from the issues which the pandemic has caused for so many reputable manufacturers.

“We work across a diverse range of businesses across a variety of sectors, but being able to monitor and mitigate the financial risk for PEC Packaging and seeing how it has helped the business grow over such a long period gives us a real sense of true customer satisfaction. 

“The invoice finance solution we provided has given the firm all the right tools to move forward and effectively manage its finances independently.”

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