By Daniel Hunter
Merthyr Tydfil-based carrier bag manufacturer Bose Packaging is planning to create up to 25 new jobs after securing over half a million pounds funding package from HSBC’s Swansea, Bridgend and Valleys Commercial team.
The start-up company began production at the beginning of this year and currently employs nine staff at its 14,300 sq ft factory. The company makes paper carrier bags for the retail and promotional industries and uses Flexographic printing methods.
HSBC has provided £520,000 in funding through a combination of an Enterprise Finance Guarantee Loan and Invoice Discounting to help accelerate growth. The HSBC relationship is led by Paul Blud, International Commercial Manager at the Swansea, Bridgend and Valleys Commercial Centre.
“We specifically based the company in Merthyr because of the skilled and experienced workforce in the region; South Wales has a strong history of Flexographic printing," Bose Packaging founder Sujoy Bose said.
"We are currently producing 50,000 bags a day but I eventually want to grow that to 250,000 and beyond, bringing in an additional 25 employees by the end of the year to operate the machines and for general administration work.”
The company expects sales to hit £2 million within its first year and believes it can win business from European-based companies because of its quick turnaround time, innovative designs and reduced carbon footprint.
“I’ve been encouraged by the start we have made since the beginning of the year," Bose added.
"We have won a number of orders and interest in the business is certainly growing. HSBC’s support has been invaluable and I have been impressed by the long-term view adopted by the bank; they want to work in conjunction with us as we develop.”
Gary Burton, HSBC Regional Commercial Director for the South West and Wales, said: “Bose is an example of a start-up company HSBC is backing. It has a strong and experienced management team, a strong and cohesive business plan and clear goals. We look forward to working with this business as it grows and achieves its targets.”
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