Chevler, the UK’s leading manufacturer of baking cases, tulip muffin wraps, and a major printer of greaseproof paper has secured a six-figure funding package from the Development Bank of Wales.
The loan is the fifth investment in the Hengoed based company in south Wales since its first investment back in 2009 which funded a buyout by the current management team. Since then the company’s turnover has more than doubled. The recent investment will enable Chevler to build on its record sales last year and fund its exciting expansion programme.
Chevler Finance Director David Anthony said: “The money will be used to help buy new equipment in our recently refurbished unit allowing the company to meet the demands posed by a changing, challenging and competitive market place.
“These new funds will enable us to invest in new baking cup machinery and launch a range of exciting new shapes and designs that the market is waiting for. The backing we have received from The Development Bank of Wales has been vital in helping us build our product range and move into new markets.
“The latest round of money will help us further develop a range of new wraps and cups for large scale muffin manufacturers which we are particularly excited about.”
Chevler, currently employing 90 people at its factories in Hengoed, is renowned for producing innovative products, a fact recognised by Development Bank Portfolio Executive, Steve Elias. He said: “We have continued to back Chevler since the management buyout nearly 10 years ago now. Our long-term commitment to the management team has borne great results as we have watched and aided the business grow.
“There has been a clear growth strategy which has given the company the extensive range it now offers. By being innovative they have continually developed new products that have been closely targeted at markets they understand and continue to have significant potential.”
Funding for the deal came from the Wales Business Fund, which is part-funded by the European Regional Development Fund through the Welsh Government.