Friday, March 29, 2024

Sustainable pallet manufacturer to create 15 jobs following £750,000 funding

A Wellingborough-based paper honeycomb board manufacturer has secured £750,000 to expand its product range, create jobs and enter new markets.

The Alternative Pallet Company Ltd who trade as PALLITE® received funding from the Midlands Engine Investment Fund (MEIF) provided by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The MEIF funding will help to create 15 new jobs in the next year, with the ability to offer apprenticeships to the under-25s.

The investment will also allow the business to expand its product offering with the creation of a new furniture range – following on from its pop-up desk success. The business is also looking at entering new markets in the high-value fashion and fragile goods sectors, as well as expanding into Europe and North America.

Iain Hulmes, CEO of The Alternative Pallet Company, said: “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, which manages the MEIF Debt Finance Fund, adds: “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, said: “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.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.









Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close