The “perfect example” of how businesses can become sustainable while still meeting customer satisfaction has been backed by the Midlands Engine Investment Fund (MEIF).
The Wellingborough business producing alternative 100% recyclable packaging has received funding of £750,000 to create more jobs, offer apprenticeships, reach new markets, and develop its range of products.
This funding presented to The Alternative Pallet Company, trading as PALLITE, was awarded by the MEIF, provided and managed by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
As a result of the funding, PALLITE are able to develop its products on offer by producing a new furniture range after the triumph of its pop-up desk. PALLITE are exploring the idea of moving into new markets in fragile goods and high-value fashion areas, and into the Europe and North America markets.
The award-winning designer and manufacturer produce 100% recyclable honeycomb board products using more than 80% recycled resources. The products provide customers with effective, productive, and low-cost sustainable choices.
“The MEIF is committed to supporting businesses who are driving the Midlands’ net-zero agenda through innovation,” said Lewis Stringer, Senior Manager at the British Business Bank. “This latest round of funding will help PALLITE expand its 100% recyclable product offering, create jobs and break into new markets. We encourage other businesses, across the region, seeking to expand and grow to consider MEIF funding.”
Iain Hulmes, CEO of The Alternative Pallet Company, explained: “All of our products are designed in-house and are both nail and splinter free and exempt from heat treatment legislation for exported products. Although we started out as a pallet business, we listened to our customers and further developed the PALLITE range to include collapsible pallet boxes, insulated pallet boxes, layer boards and pallet feet. The FSE Group guided us through the funding process, and we appreciate their help to achieve our growth ambitions.”
Ann Marie McFadyen, Investment Manager at The FSE Group, said: “PALLITE has an established product range demonstrating commercial traction with a large customer base. The UK transport sector produces over 25% of greenhouse gas emissions so it is great that Iain and his team are creating environmentally friendly products that will help reduce these emissions. It is encouraging to see the business enter new markets and we look forward to this next exciting stage of their journey.”
Vicky Hlomuka, SEMLEP’s Growth Hub Manager, added: “PALLITE is a perfect example of how a business can innovate to develop more sustainable products that not only benefit the environment, but increase customer satisfaction. It’s fantastic to see the Midlands Engine Investment Fund investing in yet another Northamptonshire based businesses to create more jobs and enabling PALLITE to continue to develop unique product solutions in the packaging and logistics industries.”
The MEIF scheme is backed by the European Union with support from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The FSE Group grants loans from £100,000 to £1.5 million through the MEIF Debt Finance Fund, supporting and helping develop the region’s small- and medium-sized businesses.