Caerphilly-based packaging innovator, Transcend Packaging, has secured a £6m facility from alternative lender Growth Lending. The funding will provide the business with the working capital to expand internationally into new markets and reach new global brands. It will also support the firm’s continuous investment into innovation and product development to remain a leading disrupter in the global packaging market.
The business, which operates out of South Wales and Italy, provides a range of innovative, sustainable packaging solutions which are either recyclable or compostable. Transcend is the leading producer of paper straws in the UK and across Europe and provides these and other items, such as drink cups, to global brands including McDonald’s, KFC and Starbucks.
The company has chosen to work with Growth Lending because of its bespoke funding options that are tailored to meet the needs of the business. Transcend was impressed by the Growth Lending team’s understanding of the company, its mission and how it operates and required a flexible lender to meet its funding goals.
Growth Lending provides funding for growth, working capital and M&A. Founded in 2013 to support UK SMEs where traditional banks cannot, the firm works with innovative and fast growth B2B businesses, including those in technology, media and healthcare. Growth Lending had a record 2021, providing £64m under the government CBILS initiative, supporting businesses through the pandemic and aims to double in size by the end of 2022.
Vicki Taylor, Principal, at Growth Lending says: “Transcend is a leading innovator in the sustainable packaging space and we are pleased to be supporting the business with its mission. Our funding comes after a period of impressive growth, and we very much look forward to watching them go from strength to strength.”
Justin Bailes, Director, at Transcend Packaging says: “It’s been a pleasure working with the Growth Lending team, who have gone above and beyond to ensure we have a bespoke funding facility that meets our specific needs. It’s an extremely exciting time for the business following a series of award wins, and this funding will enable us to continue assisting leading international brands as they transition their packaging portfolios away from single-use plastic by providing high-quality alternative packaging.”