The Wrexham based company with offices in Surrey is a leading supplier to the bakery and confectionery market and has taken on seven new staff with plans to hire five more over the coming months to fulfil client demand.
The contracts will increase turnover by £500,000 and has allowed the company to expand into the fresh produce and fish sectors. To support growth further, the manufacturer has increased its invoice finance facility to £800,000, helping it to bridge the gap when waiting on payment from clients.
To increase production output, the business has invested in two new thermoforming machines costing £189,000 each through a hire purchase facility from Lloyds TSB Commercial Finance. The packaging produced is made from a material which has a minimum of 50 per cent recycled content.
Jamie Cunningham, managing director of Dragon Packaging, said: “Over the past 10 years the firm has increased its turnover from £350,000 to £4 million and we continue to go from strength to strength. Gaining new contract wins has been great as we can expand the business while offering local jobs to local people.
“An invoice finance facility allows us to hold stock for customers while waiting on payment and the hire purchase facility has enabled us to access the latest advanced technology and increase production output in line with our turnover. We plan to continue to grow and gain even more contracts in the future.”
Morne Jacobs, client manager at Lloyds TSB Commercial Finance, said: “Dragon Packaging was established in 2002 and since then the firm has expanded and serves many well-known brands in the UK. It is a testament to Jamie, his partners Gary Leech and Steve Cunningham and the team’s hard work that their client portfolio continues to grow and thrive.
“There are many financial options available for a growing manufacturer. Invoice finance can offer flexibility within a company’s cashflow. At Lloyds, we are committed to supporting manufacturers and it is great that we have been able to provide a product that works for Jamie and Dragon Packaging.”
Anita Woodward, HP Sales & Services Executive at Lloyds TSB Commercial Finance, said: “Hire purchase facilities can give manufacturers a chance to acquire the latest technology without impacting on cashflow and allow firms to grow with client demand. I wish Dragon Packaging the best for the future.”