A manufacturer and distributor of packaging products has received a new finance facility to help it through the coronavirus crisis.
NDC Polipak, which operates from two sites in Halesowen, has secured undisclosed funding from Birmingham-based HSBC UK as part of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The company has three divisions – building products, performance packaging and bulk packaging – and supplies to the construction, DIY, horticulture and animal feed industries.
It is using this new funding stream to support its cash flow and the continuation of supplier payments during the lockdown period.
Finance director Nick Grove said: “We should have been entering our busiest period of the year so we had high stock levels on site ready to be delivered to customers ahead of the Easter and May Bank Holidays which was obviously then put on hold.
“The support from HSBC UK really helped to take the uncertainty out of the situation for us, enabling us to adapt our plans quickly to ensure we were able to support our colleagues and our customers and to meet changing stock demands.
“While our building products division has been operating at reduced capacity since the lockdown began, our performance packaging and bulk packaging teams have been working round the clock to ensure customers have what they need during this challenging time.”
Dave Ramsden, HSBC UK’s area director for corporate banking, added: “Different industries are facing new challenges in light of the pandemic so it’s critical we’re able to tailor our support to ensure the right financial package is available to each customer.
“We were pleased to be able to provide NDC Polipak with the CBILS facility to further support the business’s working capital at this time, ensuring it could meet the demands of its customers and make vital payments to suppliers.”