TrakRap to create jobs with £1.3m Powerhouse funding
Skelmersdale's TrakRap will create 67 new jobs over the next five years after securing £1.27m through a Northern Powerhouse funding programme.
TrakRap can lower costs and carbon footprints of supermarkets, food manufacturers and high-volume goods manufacturers with its new packaging designs which require less plastic, cardboard and electricity usage.
The solution is proving popular in an age where the FMCG and supermarket industries are moving to more sustainable packaging and an overall more environmentally friendly outlook.
The new funding has been secured in conjunction with NPIF – Maven Equity Finance, which is managed by Maven and part of the Northern Powerhouse Investment Fund.
A total of £750,000 was invested on behalf of NPIF alongside an additional £320,000 from existing shareholders and £200,000 sourced from private investors.
David Taylor, deputy chairman of the Lancashire Enterprise Partnership, said: “TrakRap is rightly regarded as one of the most dynamic and forward-looking packaging businesses in the UK, and they are a great Lancashire success story. It’s therefore fitting that a business of their calibre, based in a county with a long and proud tradition of manufacturing innovation, should be the one to help NPIF reach this key funding milestone.”
Martin Leeming, Chief Executive Officer of TrakRap, said: “The investment from Maven will allow us to grow our business by getting more of our packaging machines out into the food manufacturing industry, where they will significantly reduce the amount of plastic, corrugate, energy and carbon required by traditional packaging methods. As we grow, we will also create a significant number of new jobs, which is great news for the local economy.”
TrakRap is rightly regarded as one of the most dynamic and forward-looking packaging businesses in the UK
Maven has now invested more than £25m, supported 40 SMEs and helped create over 200 new jobs since launching in February 2017. An additional £20 million has been raised through private sector funding.
Martin added: "We’re delighted to be the company to take Maven over the £25m investment milestone. The work it’s done – and continues to do – with SMEs in the UK is incredibly important in helping businesses like ours to grow. Our advisors, Eversheds Sutherland, were also instrumental in advising us every step of the way."
Alex Rothwell, Investment Manager at Maven said: “TrakRap has created an exceptional product in line with the sustainable strategies many companies are now implementing. The team is highly experienced, and we look forward to working with them as they embark on their programme of growth.
Maven was appointed by the British Business Bank in February 2017 to manage £57.5m worth of equity finance for the Northern Powerhouse Investment Fund with a focus on investing in the North West.
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