Photograph: (Left to Right) Stella Sykes, Paul Sykes, Simon Micklethwaite and Mark Storey
A Leeds-based custom-made transit packaging supplier is embarking on the next stage of its growth plans after agreeing a £250,000 flexible funding deal with Reward Finance Group.
Procurement Supplies provides a complete design, manufacture and ‘stock and serve’ service for environmentally-responsible transit packaging materials. Through its UK stockholding and logistics facility, the company has the advantage of being able to provide customers nationwide with a stable supply of products, including stretch film for pallets, tapes, shelf-ready corrugated cases (SRP) and transit outers – all of which protect goods during transport to customers.
The company was founded in 2020 after owners Paul and Stella Sykes spotted an opportunity to help businesses reduce the environmental impact of their packaging. Its products are carefully sourced according to their environmental composition and quality, and it is here where Procurement Supplies sees strong growth potential as its plastic products are exempt from the Plastic Packaging Tax (PPT) because they contain at least 30% recycled content.
Following an introduction by Mark Storey of BHP Debt Advisory LLP, Reward Finance Group recommended its Asset Based Solutions product which provides Procurement Supplies with access to a £250,000 facility. This will support the company’s growth by enabling it to leverage value from its assets, chiefly to invest in increasing its stockholding of sustainable packaging products sourced from its UK and Italian suppliers.
Commenting on the new funding deal, Paul Sykes, Director of Procurement Supplies said,
“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.”