Bibby Financial Services (BFS) has provided a paper bag manufacturer Badalov with a £480,000 (€537,000) invoice finance facility.
The Kent-based firm was founded in 2006, and focuses on sustainable production of packaging. Notable clients include Pasta Remoli and Virgin Active.
The firm’s managing director, Vasif Badalov, said: “As we continued to gain new contracts, our previous funding partner became unable to help support our business needs.
“We really needed a funding partner that understood our business and its trading cycle. Having operated in our industry for over 16 years, we know our growth targets and what we can achieve, and BFS understood this too. They have vast industry expertise and knew our commercial potential.
“With this flexible funding in place, we can continue to expand our product range and meet the growing demands of our customers.”
Dean Corth, relationship manager at BFS, added: “Badalov is an exciting growing business that is at the forefront of sustainable paper packaging, and we’re delighted to work with a business that puts sustainability as a priority”
“Prior to funding, we assessed the business needs and aspirations and found that financial restrictions were limiting the potential of the company. We stepped in and offered a funding injection to allow Badalov to operate freely.”