Tunbridge Wells-headquartered Plastique has secured itself £5 million of equity growth capital ahead of plans to double the size of its Polish facility.
The 35 year-old company designs and manufactures thermoformed packing for the personal care, household products, pharmaceutical, food and retail sectors. With revenues of £25 million, Plastique currently employs 170 staff.
The Business Growth Fund (BGF), which was set up in 2011 and is currently allocating a £2.5 billion pot of bank cash, is backing the business.
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Plastique says that future strategy will involve growth of its core plastics offering alongside that of an emerging thermoformed pulp sector, which it says ‘increasing demand’ is coming from. Its facility in Poznan, Poland will be expanded to 7,300 sq/m in order to accommodate further manufacturing equipment.
Plastique managing director John Lowe, who has been at the business for 31 years and let a management buy-out from the company’s founders in 2009 alongside sales director Perry Rigler, says that the business will now be able to 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 a team,’ he adds.
The BGF has used the deal as another opportunity to utilise its Talent Network of experienced business leaders and is installing former Simple Health & Beauty Group CEO Geoff Percy as non-executive chairman at Plastique.
BGF investment director Rory Pope, another new board member at the manufacturing firm, comments, ‘We are backing a proven business and team as a minority equity partner to enable them to capitalise on growth opportunities in their core thermoformed plastic market and in the emerging thermoformed pulp market.’