UK packaging manufacturer Plastique has secured £5m from the Business Growth Fund to aid the expansion of its Polish facility.
Plastique, which designs and manufactures thermoformed packaging across three sites in the UK and Poland, will double the size of its facility in Poznan, Poland.
In a move which will see the BGF hold a minority stake in Plastique, the investment will ensure the company can house additional manufacturing equipment and to bring outsourced storage of raw materials and finished goods in-house.
Managing director John Lowe said: “Our commitment to quality and design has given us a track record of success going back over 35 years. With BGF’s involvement, we feel we can go further and faster.
“With an investment of growth capital into the company, we can significantly improve our already profitable business over the coming years without losing control of what we have worked hard to build as team.”
Investment director Rory Pope, who will join the board as BGF’s representative, added: “This is exactly what BGF was set up to do: take already growing and profitable businesses, led by strong management teams, and facilitate the acceleration of their growth through equity investment and support.”