Sheffield company Bag It Don’t Bin It is planning for growth thanks to a six-figure investment from HSBC UK’s £12bn lending fund.
Specialising in printing cotton tote bags for retailers, art galleries and charities, BIDBI will use the funds to invest in new equipment allowing it to scale-up production, in response to increased demand for sustainable bags.
Based in Rutland Road, the business anticipates that the investment will boost turnover and result in job creation over the next 12 months.
BIDBI finance director Marc Larsen said: “We’ve seen strong demand for our sustainable bags as more and more retailers react to ethically conscious consumers. With our upgraded production facilities we’re ideally positioned to meet this demand, as well as providing the market with a real alternative to plastic bags.”
Speaking about the support received, he added: “HSBC UK has been instrumental in the growth we have seen over the last two years and have shown great understanding of our business and what we are trying to achieve.”
HSBC UK’s £12bn lending fund is specifically designed to support SMEs throughout the UK, with £1.05bn earmarked for businesses in the Yorkshire region.
David Leonard, relationship manager for business banking South and East Yorkshire, HSBC UK added: “BIDBI is a great example of the type of dynamic business we are proud to support.
“Marc and the team have considerable experience and knowledge of their market and are not afraid to increase productivity via strategic investments. The business has an ambitious vision and we look forward to supporting its expansion efforts.”