Shopping bag company nets £4.2 million
Article Date: Nov 13 2009
Jutexpo MD Barrie Turner (right)
Jutexpo, a supplier of fibre shopping bags, is planning overseas expansion after receiving bank funding of £4.2 million.
The West Midlands-based business, which has sales of £10 million and provides bags to ASDA, Waitrose and Tesco, secured a £3.5 million invoice discounting facility and loans of £700,000 from Lloyds TSB. The loans were provided under the government’s Enterprise Finance Guarantee (EFG) scheme.
Managing director Barrie Turner is now planning to target new markets in the UK and internationally, growing the company’s turnover ‘dramatically’ over the next 12 months.
Says Turner, ‘Each year our turnover has increased significantly, in line with the rising demand for an ethically produced and eco friendly alternative to plastic bags. There is huge growth potential in the UK and overseas.’
Jutexpo employs more than 2,000 people in India where the bags are produced from jute, a natural fibre.
