News - Midlands
Bags of cash for Jutexpo
A supplier of ethically produced fibre shopping bags is set to boost turnover and break into new domestic and overseas markets, after securing a £4.2m funding package from Lloyds TSB. Evesham-based Jutexpo is a £10m-turnover business that employs 25 people in the UK and more than 2,000 in India. It provides reusable jute shopping bags to some of the UK's largest organisations, including ASDA, Waitrose, Eden Florist, Sainsbury's, Tesco and Macmillan Cancer Research. It approached Lloyds TSB to explore potential funding options due to increased demand. This resulted in a £3.5m invoice-discounting facility provided by Lloyds TSB Commercial Finance and bank loans amounting to £700,000 from Lloyds TSB Commercial.