£3.75m funding helps Barnstaple's Atlas map out plans for growth
A North Devon manufacturer has secured a £3.75 million bank finance package, just weeks after investing almost £2.5 million in new machinery at its plant.
Barnstaple-based Atlas packaging's managing director Jason Sharman said that the company's refinance deal through lender Santander has positioned the business to work towards securing a £20 million turnover, over the next five years.
Atlas is one of the largest specialist sheet plants in the country, specialising in corrugated packaging for a number of sectors, including food, furniture, pharmaceutical, cosmetics, mail order and automotive sectors. Key clients include Interflora, B&Q, John Lewis, Sainsbury's, Tesco and Asda.
Set to celebrate its 30th anniversary later this year, the business was established by chairman Adrian Gamble in 1983 and now employs 98 staff.
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Last month, in an investment made separately to its Santander arrangement, the company installed a new state-of-the-art packaging machine, which can produce 18,000 boxes per hour.
The technology incorporates gloss print and finishing techniques that enable boxes made from it to be used for both transit and point-of-sale-display
"This has been the biggest single investment we have made to date. It will take us on to a new level in the packaging sector and will undoubtedly enhance our offerings," said Mr Sharman. "It's still early days, but we have picked up a couple of new orders already."
Meanwhile, having secured its finance deal through Santander, Atlas is set to launch an 18-month in-house training programme for all staff, while it has also forged new links with other businesses through the Santander Breakthrough programme.
As part of this, it attended a masterclass with Innocent Drinks to learn how the brand uses marketing and social media and the effective use of supply and sourcing strategies to boost sales and help accelerate growth.
Atlas commercial director Mark Reeve added: "We are grateful for the support of the team at Santander, not just in terms of their industry knowledge, but for their enthusiasm for our business plans."
Jo Norton, relationship director for Santander Corporate & Commercial, said: "We are delighted to be working with Atlas Packaging and to have provided this latest finance injection. They have a fantastic vision for their company and with their strong management team, and dedicated investment programme, we know they will make every success of this next stage of their venture."