Award-winning plastic packaging manufacturer William Beckett Plastics is targeting new export markets with the help of a £65,000 business loan from Finance Yorkshire.
The company, which employs more than 60 people at its headquarters on Tinsley Industrial Park in Sheffield and has five staff in Chicago, will use the money to refurbish three of its blow moulding machines.
After that the company, which has twice won Queen’s Awards for international trade in recent years, plans to seek new export markets in Eastern Europe and South East Asia, which will be supplied using the increased capacity of the refurbished machines.
Company founder and managing director William Beckett says Finance Yorkshire has come to his firm’s rescue.
“Funding for this type of refurbishment is not readily available,” says Mr Beckett. “The gap funding from Finance Yorkshire makes bringing the machines up to date possible.
“Our blow moulding machines are very sophisticated but they are no longer manufactured. We will effectively have three new machines which will be 25 per cent more efficient than they currently are.”
William Beckett’s packaging is used by cutting tool manufacturers to protect products ranging from simple drill bits and blades to highly sophisticated milling cutters.
The company recently launched Beckett MIM to apply its expertise with plastics to metal injection moulding, making components for the aerospace, automotive and medical sectors.
Finance Yorkshire investment manager Ian Howson said: “William Beckett is a long-established, successful company with an excellent export pedigree. Being more efficient through the refurbishment of its machines will undoubtedly enable it to take advantage of new market opportunities and improve its competitive edge.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2 million to help small and medium sized businesses to grow and develop.