The business will use MEIF funding to execute ambitious growth strategy and set up a new warehouse.
The MEIF, managed by Maven, has provided UniGreen Products Limited (“UniGreen”), manufacturers of Bamboo paper products, with a six figure sum to expand their facilities, creating further new jobs in the region.
UniGreen manufactures bamboo paper products designed to replace wood pulp paper and plastic products. The firm’s offering is recyclable and biodegradable, with products including hot drink cups, straws, cotton buds, pizza boxes and several other food containers, with plans to further extend the product line in the near future.
The sustainability industry related to these high commodity products is worth £100bn, the UK alone uses £2.5bn worth of disposable coffee cups each year, alongside significant use of paper towels, cotton buds and drinking straws. Media coverage around the environmental damage caused by such single use products has led consumers, and therefore retailers, to seek alternatives. Bamboo has for some time been proposed as a potential alternative to paper, with bamboo products themselves being biodegradable, taking only 2 years to compost down. It is not proposed that bamboo will completely replace paper and plastic outright but it’s use will give consumers a choice.
UniGreen is backed by an experienced management team, which includes group Chairman, Rich Coates, who has worked in the renewable energy market for over 20 years.
Rich Coates, Chairman at UniGreen said, “We are delighted to receive this funding package from MEIF Maven Debt Finance. Our business operates in an ever-growing market, with increasing demand from consumers seeking responsible paper and plastic alternatives. The ethos of our brand is to provide these alternatives at competitive prices, providing consumers with the options they need. We believe in our products and business and are excited for this upcoming phase of growth.”
Chris Rogers, Investment Manager at Maven said, “UniGreen is an early stage, growing company with ambitious plans ahead. Due to increasing environmental concerns and rising demand for bamboo products, this was the right time for UniGreen to receive funding. We are delighted to help finance this environmentally sustainable business and look forward to seeing it embark on a new growth journey.”
Grant Peggie, Director at the British Business Bank said, “We’re all aware that the market for sustainable products is thriving as consumers become more environmentally conscious. It’s good to see MEIF funding is able to support a business in maximising this opportunity, using the finance from MEIF to launch a new warehouse and pursue growth. We’d encourage other businesses looking for finance to consider the options available through MEIF”
Paul Brown, Board Member, Black Country LEP said: “The Midlands Engine Investment Fund is aimed at supporting businesses such as UniGreen with their strategic development and business growth and in doing so contribute to wider economic growth and prosperity within the Black Country. This is great news for UniGreen and for other businesses across the Black Country, demonstrating that this region is a great place for firms to invest in, flourish and succeed."
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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