£2.5m funding helps PEC Packaging expand and thrive post-pandemic

Liverpool-based PEC Packaging Ltd, a specialist in timber packaging, has secured a £2.5 million invoice discounting funding line from Skipton Business Finance to navigate the economic challenges following the COVID-19 pandemic. The funding has enabled the company to move to a larger facility and bolster its growth trajectory.

From left to right: Tiernán Rice (Finance Director, PEC Packaging Ltd), Peter Heyes (Senior Relationship Manager, SBF,) and Colin Noble (Owner, PEC Packaging Ltd). Credit: leeboswellphotography.com.

The pandemic severely impacted the automotive industry, a core market for PEC Packaging, leading to reduced demand and cashflow difficulties exacerbated by unpaid invoices. In response, the company partnered with Skipton Business Finance to implement a tailored funding solution.

Tiernán Rice, Finance Director at PEC Packaging, highlighted the transformative impact of the financial support. “The invoice discounting support provided by Skipton Business Finance has truly transformed our business,” he said. “COVID-19 caused many financial headaches for us due to a lack of demand for products and it soon became apparent that well-managed finance support was needed to help the business through challenging times.

“As the market began to recover, we were able to use the working capital provided to support plans to scale up significantly, taking on additional staff to service our ever-growing customer base. We have also been able to move to a larger site at Brunswick Dock, Liverpool which provides us with the extra production capacity required to support our plans for growth.”

Founded over 35 years ago, PEC Packaging supplies a wide range of timber packaging products to major companies, including Jaguar Land Rover, Nissan UK, and Siemens.

Peter Heyes, Senior Relationship Manager at Skipton Business Finance, expressed pride in supporting PEC’s recovery. “We’re delighted to have been able to provide PEC Packaging with suitable finance to help the business recover from the issues which the pandemic has caused for so many reputable manufacturers.

“We work across a diverse range of businesses across a variety of sectors, but being able to monitor and mitigate the financial risk for PEC Packaging and seeing how it has helped the business grow over such a long period gives us a real sense of true customer satisfaction.

“The invoice finance solution we provided has given the firm all the right tools to move forward and effectively manage its finances independently.”