A packaging supplier has secured a new £8 million funding deal to help it increase capacity at its Black Country plant by purchasing new machinery.
West Bromwich-based Diamond Box has agreed a two-part asset finance package from Bibby Financial Services.
The business was founded in 2007 by husband and wife Kavi and Rani Jundu and now employs more than 135 people and has annual turnover of more than £25 million.
The finance package, structured by Bibby's corporate funding team, combines a £6 million confidential invoice discounting facility with a £2 million lease finance package.
It will enable the business to purchase new machinery that will allow it to offer double sided print in one pass, which will in turn create significant additional capacity.
Mr Jundu said: "We're ambitious and the plan is to continue growing the business.
"Our main aim is to provide our customers a high level of design-led innovation that adds value to their organisations, providing consistently high quality products supplied at competitive rates with best in market lead times.
"Our previous funding package was too restrictive and did not provide the flexibility we needed to enable us to satisfy increasing demand and stream-line efficiencies.
"Furthermore, we needed finance to purchase the UK's first dual print corrugated cardboard printing press.
"Aside from creating significant opportunity, the new machine will also create significant additional capacity which will allow us to offer consistent lead times during periods of peak demand."
Paul Fraser, regional head of corporate at Bibby Financial Services who structured the deal, added: "Diamond Box is a fantastic business and I'm delighted that we have been able to partner with them at a time of significant growth.
"This new package will help Diamond Box to continue to satisfy the needs of its customer base and grow its business further."