River Capital has provided a further £100k loan to Green Bell Packaging Limited through NPIF II – River Capital & Business Finance Smaller Loans, which is managed by River Capital & GC Business Finance as part of the Northern Powerhouse Investment Fund II.
The cash injection will provide the Liverpool-based sustainable packaging distributor with the working capital to fulfil larger orders and increase its employee headcount, creating five new employees in Liverpool.
Green Bell Packaging who also received valuable support from the LCR Finance Hub, which provided forecasting assistance to help plan for sustainable growth, will use the funding to scale up the business and invest heavily in its marketing, enabling the business to capitalise on a growing demand for plastic-free food packaging, driven by new regulations.
This investment marks the second round of funding provided by River Capital to the business, following an initial £100,000 investment in November 2021 from the first Northern Powerhouse Investment Fund I.
Having initially established the business in 2018 to serve UK retailers shifting away from plastic bags, managing director, Vahid Nagori, and his team established a strong customer base for eco-friendly bags during the pandemic before diversifying into food packaging in 2022.
The business now supplies cafes, restaurants, bakeries and chains with a wide range of sustainable products with major customers including Middlewich Food Trays, Lola Cupcakes, Morplan and German Doner Kebab.
Upcoming plans include a company rebranding, a new e-commerce website, catalogues, trade show attendance and digital advertising.
Sue Chambers, investment manager at River Capital said: “Vahid has demonstrated great resilience and ability to adapt to changing market conditions over the past three years.
“Having seen Green Bell’s progress, including timely repayment of the initial loan and operational improvements, we are delighted to extend this second facility. The NPIF II funding will support Vahid’s growth plans and continued profitability.”
Nagori added: “We are grateful for River Capital’s ongoing support, which has been instrumental in helping us navigate challenges and pursue new opportunities.
“This additional funding will accelerate our plans to become a leading provider of eco-friendly food packaging across the UK. We look forward to making key hires, ramping up our marketing efforts and delivering unmatched service to our valued.”
The £660m Northern Powerhouse Investment Fund II covers the entire North and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
