With an ever increasing demand for improved sustainability in product packaging and transportation, suppliers who are future-focused and actively developing their range to give customers carbon-saving choices have an excellent opportunity to grow.
That is why Leeds-based Procurement Supplies is investing £250,000 to stay ahead of the curve using an Asset Based Solutions from Reward, enabling it to increase its environmentally-responsible product range and UK stockholding.
The company is a custom-made transit packaging supplier, offering a complete design, manufacture and ‘stock and serve’ service to customers. With products available from its UK stockholding, customers nationwide benefit from a stable supply for materials such as stretch film for pallets, tapes, shelf-ready corrugated cases (SRP) and transit outers.
What makes Procurement Supplies particularly well-placed at this time is its materials sourcing strategy. Environmental composition and quality are key, especially for its plastic products which are exempt from the Plastic Packaging Tax (PPT) because they contain at least 30% recycled content.
Making the funds available to establish good UK stocks of these products was an important step for Procurement Supplies to satisfy increasing demand and achieve growth. After speaking with Mark Storey of BHP Debt Advisory LLP, Reward’s Asset Based Solutions product was recommended to help Procurement Supplies meet this goal. This allows it to leverage value from its assets, releasing funds to invest in increased volumes of stock from its UK and Italian suppliers.
Paul Sykes, Director of Procurement Supplies, was hugely impressed with the solution provided by Reward and the responsiveness of the team.
“We are delighted that Reward have been able to provide us with a funding facility through its Asset Based Solutions that gives us the flexibility we need to grow and take the business forward. Working with Reward has been a pleasure, with Simon and the team taking time to understand our business and recognise the growth opportunities for us.
“Their responsiveness was particularly impressive, with the timescale from the initial meeting to having the facility in place taking only a few weeks rather than months as we’ve experienced with other finance providers.”
Simon Micklethwaite, Business Development Director at Reward Finance Group added,
“Procurement Supplies is a company with excellent growth prospects, particularly given the need for all businesses to operate more sustainably, and we are pleased to be able to support them. Through our Asset Based Solutions, Paul and his team have a flexible working capital facility at their disposal which can be used as and when required to suit the needs of the business.”