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19th Feb 2019
The funding has enabled Duo UK, to purchase new machinery for its cutting-edge factory in Manchester. The new Italian-made co-extruder will allow the business to scale up production by up to 20%, as well as allowing it to increase the volume of new packaging products made from recycled materials.
Duo UK will also utilise the funding package to scale up its stock holding capacity by 30%, allowing it to quickly react to fresh orders from new and existing customers in the UK, Europe, North America and Australia.
The manufacturer anticipates that the investment will enable it to boost turnover by 10% and create 5 new jobs over the next 12 months.
Dale Brimelow, Operations Director of Duo UK, said: “We’re in a competitive market and it’s through the quality of our customer service and innovative products that we remain a market leader. Raising productivity, developing sustainable products and improving our customer’s experience through the latest technology is therefore central to our growth strategy. Now with the backing of HSBC UK, we’re poised to win new business both in the UK and overseas.”
Mark Boyle, HSBC UK’s Relationship Director for Greater Manchester, added: “Duo UK is a great example of the type of dynamic business we are delighted to support. The management team has considerable experience and knowledge of the market and is not afraid to make strategic investments. Duo UK have an ambitious vision and we look forward to supporting their expansion efforts.”
Established in 1988 Duo UK is one of the UK’s leading manufacturers of packaging products, supplying leading online retailers, as well as industrial brands. The business was the first manufacturer to produce mailing bags from GreenPE, a material derived from sugarcane which is a sustainable and recyclable alternative traditional fossil derived polyethylene and offers a dedicated ‘closed-loop’ recycling service for customers. Over 150 people are employed across its UK HQ and warehouse facilities in the USA and Australia.
The deal was part of HSBC UK’s £12 billion lending fund to support SMEs in the UK, with £550 million committed to businesses in Greater Manchester.