Producing sustainable products for warehouse storage, packaging and logistics, The Alternative Pallet Company, trading as PALLITE® Group, has received follow-on funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Recovery Loan Scheme.
This latest £750,000 funding for the company follows a previous MEIF investment, which saw the company create 18 new jobs at its Wellingborough base, establish trading in new overseas markets, and more than double its sales revenues.
The new funding will be used to create new roles in finance and operations, boosting capacity to meet increased demand and supporting the next phase of growth.
Paul Etty, PALLITE® finance director, said: “We are delighted to have secured MEIF funding, which ensures we press ahead with our growth plans. Our products provide customers with environmentally friendly solutions to help reach their sustainability targets.
“We are honoured to be a recipient of a King’s Award and excited to be taking this offering to more markets. FSE has continued to show an understanding of our business model and is able to invest where traditional lenders cannot.”
Ann Marie McFadyen, investment manager at The FSE Group, added: “Paul and the team have made impressive progress since our last loan – despite difficult trading conditions caused by covid and Brexit – with the company on track to deliver over 100% growth in 2023 for the second year running.
“We are pleased to be continuing to support this growing and ambitious business as it develops more sustainable products for worldwide use.”
