Fast-growing Lancashire business secures funding boost

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Fast-growing Lancashire business secures funding boost

A fast-growing Lancashire business which supplies alcohol and confectionery related gift packs to many of the UK's largest retailers has secured a new £6.1m working capital facility from The Royal Bank of Scotland.

The facility ensures that The Gift Pack Company Ltd has sufficient capital in place to continue growing its sales. Established just seven years ago, the Preston-based company already turns over £8m and is now targeting the £10m turnover barrier.

The Gift Pack Company designs and supplies alcohol and confectionery-related gift packs to all of the UK's major supermarket chains and major retailers such as BHS and Debenhams. The company uses an extensive network of suppliers in Europe and Asia to source its products prior to finalising the design and packaging elements in the UK.

As The Gift Pack Company is paid upon the completion of each order it requires a flexible funding package to help cover seasonal peaks. The RBS package comprises an invoice finance line, an EFG loan and international trade facilities, including letters of credit, which are essential given the company's global supply chain.

Rachel Muter, founder and Managing Director of The Gift Pack Company, said: "Due to the nature of our business it is essential to have access to sufficient working capital to fund and support our trade cycle. This is particularly important as we look to grow the business by broadening the range of food and confectionery related products that we can offer our customers."

The RBS funding was provided by Mick Johnson, Simon Watson and Colin Andreassen.

Mick Johnson, Senior Relationship Manager from RBS, said: "In just a short space of time Rachel and her fellow directors have built a successful business in a very competitive market sector. They impressed us with their future plans for the business and we are delighted to welcome The Gift Pack Company as a new customer to the bank and support them with our innovative funding package."

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