BGF in £5m Plastique investment

Amy King
09 July 2014

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The Business Growth Fund (BGF) has committed ТЃ5m for a minority stake in Plastique, a Tunbridge Wells-based thermoformed food packaging producer.

The business plans to expand in its core market and boost its market share in the thermoformed pulp sector.

Plastique intends to double the size of its facility in Poland in order to house additional manufacturing equipment and bring outsourced storage in-house. The investment will also support the acquisition of additional manufacturing equipment.

Company
Established in 1979 and based in Tunbridge Wells, Plastique designs and manufactures thermoformed packaging for customers in the personal care, household products, pharmaceutical and food markets.

The business generates revenues of around £25m and employs 170 staff. New hires are expected to occur following the fresh funding.

People
Rory Pope, Amit Hindocha and Mark Bryant led the deal for BGF. Pope joins the Plastique board as part of the deal. Geoff Percy, former chief executive of Simple Health & Beauty, has been appointed non executive director.

Advisers
Equity – RPC (Legal); Crowe Clark Whitehill (Financial due diligence).
Company – WK Corporate Finance (Corporate finance); PDT Solicitors (Legal).