Wolverhampton-based Task Consumer Products, a family-owned paper converter and manufacturer, has purchased a new 80,000 sq ft site with support from a £7.8 million HSBC UK loan.
The HSBC UK funding has allowed Task Consumer Products to complete this purchase to enable the business to further increase its production capabilities by 15,000 tonnes per year, as the new facility creates the opportunity to install further production lines and store a larger quantity of products. This increase in output will in turn create 10 new jobs on the factory floor.
The new premises will be Task Consumer Products second site, the primary site being a 250,000 sq ft site based on Stafford Rd, Wolverhampton. It will initially be used as a storage and warehouse facility, with plans for an entirely new production line to be housed on-site in the near future. The production line will modernise the firm’s manufacturing capabilities, with the implementation of state-of-the-art equipment in the new factory.
Ravi Patel, Managing Director at Task Consumer Products, said: “The opening of our second site is an important milestone. Increasing our production and storage capabilities will be vital to the continued growth of our business. I’d like to thank our HSBC UK Relationship Director, Jack Turner, for his continued support throughout this process.”
Task Consumer Products, which was founded by Ravi Patel in 2007, purchases kitchen and toilet roll in large reels that it then converts into finished retail products for the supermarkets and leading brands. The new site will service multiple retail locations and supermarkets, increasing the efficiency of the firm’s distribution network.
David Ramsden, West Midlands Corporate Banking Area Director at HSBC UK, said: “We are glad to be able to support a growing family brand in the West Midlands. As one of the largest independent converters in the UK, Task Consumer Products has already delivered impressive results and we are looking forward to seeing the impacts of the new facility.”
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC UK Bank plc is a wholly owned subsidiary of HSBC Holdings plc, which is part of the HSBC Group – one of the world’s largest banking and financial services groups with assets of US$2,603bn at 30 September 2018. Linked by advanced technology, the HSBC Group serves customers worldwide from around 3,800 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa.