l-r: Tiernán Rice, Peter Heyes and Colin Noble (Image credit: PEC Packaging)
A Liverpool-based timber packaging company has moved into a larger facility, after utilising a £2.5m funding line.
PEC Packaging Ltd used the invoice discounting funding line from Skipton Business Finance following a drop in demand in the automotive industry caused by Covid-19.
Established more than 35 years ago, the company supplies packaging products to multinationals including Jaguar Land Rover, Nissan UK and Siemens.
The new base at Brunswick Dock has increased the company’s production capacity, supporting its plans for growth.
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.” 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.”
Source: Insider Media
