pbs packing, which has a base in barnsley, offers food packaging to fresh food producers and bakeries in the uk and europe, as well as providing supermarkets with polythene bags for bread, salad, and fresh vegetables. yorkshire bank has offered the barnsley packaging over half a million pounds worth of financial support, which comprises invoice finance, and a provision to swap foreign currency. pbs packaging, which was founded in 2005, now has a yearly turnover of £3m and employs 30 people, the firm hopes that financial support will enable it to raise cash flow and build its capability double, from four to eight million units a week. director howard fearnley, was motivated to set up the business seven years ago after his boss, parkside flexibles, who used to made polythene bags, closed down his business. mr. fearnley mentioned that as the food sector continues to develop, their costeffective prices are making them extremely appealing for huge companies, which need to trim down costs while maintaining and improving quality, and hence, they wish to capitalize on this by rising production. he further said that, as a part of this, they are investing in an innovative wicketted bagmaking machine that will be introduced in the next year in february and will help them to achieve their production targets. they also have plans to purchase a new printing press by the end of 2013. mr. fearnley said that yorkshire bank understands their business as well as sector and has been extremely helpful in supporting their expansion plans. richard crossfield, the invoice partner at yorkshire bank, helped to arrange pbs packaging&rsquos financial support, along with graham ibbotson, business development manager for commercial banking. mr ibbotson mentioned that food retailing and manufacturing has continued to expand their operations during the recession in spite of increasing prices. businesses with above £2m annual turnover can benefit from yorkshire bank&rsquos £1bn fund for business expansion and its switching package that offers free everyday banking. backing for startups is also a part of the bank&rsquos growth package, along with assist for businesses looking to change or expand how they bank. source of information httpbdaily.co.ukindustrials13122012barnsleypackagingfirmtodoublecapacity
