Preston manufacturer Paper Innovation secures £750k funding boost

North West paper product manufacturer Paper Innovation is targeting new markets with the launch of its first online store and a six-figure funding boost.

Having seen its turnover increase by 15% over the last three years, the Preston-based firm now plans to unlock further growth via a new e-commerce platform, which it will launch with £710k in funding from Lloyds Bank Commercial Banking.

The digital store is expected to expand Paper Innovation’s customer base both domestically and overseas, lead to the creation of four new jobs and increase the firm’s turnover by 25% over the next two years.

Director Steve Johnston, who founded Paper Innovation with his wife Wendy in 1994, said: “To stay competitive within our sector it is vital that we remain innovative, and we are constantly looking for new ways to expand our customer base and improve the services on offer to clients.

“The new online site will enable us to increase our presence in new markets, and we will be looking to expand our customer base across the corporate and hospitality sector over the next 12 months.”

Johnny Abraham, the MD at Paper Innovation’s business finance advisor, J9 Advisory, introduced the firm to Lloyds Bank Commercial Banking.

Steve continued: “We switched our day-to-day banking relationship late last year, after looking for a banking partner which shared our enthusiasm for growth.

“Our relationship team and J9 Advisory has worked very closely with us to understand our business and objectives, and were able to provide the tailored suite of products that was required to achieve our expansion plans.”

Lloyds Bank Commercial Finance’s regional manager, Charlotte Jackson, worked alongside relationship manager Richard Hargreaves to offer Paper Innovation support.

Charlotte commented: “It is vital that firms explore different ways which they can expand their customer base, so when Steve and Wendy approached us for funding we recognised how launching an online store would benefit the business.

“We provided a bespoke funding package that gave them the flexibility to invest quickly in the firm, allowing them to capitalise on businesses increased appetite to purchase products and place orders online.”

Commenting on the growth, J9 Advisory MD Johnny Abraham said he believes Paper Innovation is “constantly looking at innovative new products” and ways to improve its client services.

He added: “It was clear from the first meeting that Steve and Wendy had formed a great relationship with the team at Lloyds Bank Commercial Banking, and by delivering a significant increase in working capital, together with a reduction in monthly commitments, the company is now well positioned to achieve its growth plans.”

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