A Suffolk packaging manufacturer is increasing production space at its Newmarket headquarters and creating ten new jobs with the support of a £850,000 funding package from Lloyds Bank Commercial Banking.
Caps Cases, established in 1982, is a family run business that manufactures environmentally-friendly cardboard packaging for clients across the UK. The business has carved out a niche position in the market by producing unusual shaped cardboard for customers in the retail, pharmaceutical and food and drink sectors.
The company has experienced increased demand for its products after seeing a boost in online orders, with sales increasing by 5% each year for the past five years. To cope with the growing demand, Caps Cases turned to long-term banking provider Lloyds Bank to secure funding to expand its production space by 20%.
The premises extension will be completed in February and will lead to the employment of ten new members of staff.
The company has previously used invoice discounting and asset finance facilities from Lloyds Bank to provide working capital to expand the business without affecting day to day cash flow.
Caps Cases has a turnover of £21million and employs 220 members of staff. In addition to its headquarters in Newmarket, the business has an additional site in Glasgow.
Trevor Bissett, managing director at Caps Cases, said: “Caps Cases has grown significantly over the last few years. We’re now one of the UK’s largest manufactures of corrugated cardboard packaging.
“In 2016, we manufactured more than 67 million boxes. Thanks to the ongoing support from Lloyds Bank, we can continue to grow our business and sell in higher volumes to more customers across the UK.”
Mark Williamson, relationship director at Lloyds Bank Commercial Banking, said: “With sales on the up, the premises expansion marks an exciting new chapter for Caps Cases and will provide the business with further room for growth.
“We are committed to helping Britain prosper through supporting small-to-medium sized businesses like Caps Cases. To underline this, we have pledged to increase our lending to manufacturers by a further £1billlion this year.”