UK-based packaging firm Universal Flexible Packaging (UFP) has invested £11m at a new facility that will help them boost their annual turnover from the current £17m to £25m in three years.
The firm will be relocating from their current premises in New Humberstone to a facility in Leicester, which is three times bigger.
Founded in 1995, the company manufactures flexible film and provides contract packaging for the food industry. It also manufactures popcorn and snack foods.
The government's regional growth fund has provided the company with £700,000 for the expansion plans. Apart from that, the company has been sponsored by the Royal Bank of Scotland and the Lombard Group that has put in £5.15m and £750,000 respectively. The remaining amount has been put in by the Durrani family that founded the company.
Speaking about the expansion, UFP commercial director John Harrison told the Leicester Mercury : "As part of Universal Flexible Packaging's plan for growth, we have been looking for suitable new premises for some time. We were delighted to find and complete the deal on the property on Lewisher Road which will enable us to further upgrade and increase our production capability across all product lines and to increase our dedicated space for popcorn production.
"Our business has been expanding throughout the recessionary years and we are well placed to grow our sales in flexible food packaging both within our client base and for new clients around the UK."
Currently, the company employs about 250 people and has created about 56 jobs in the recent months. About 20 more jobs will be created soon.
UFP is aiming at moving to the new location by next summer.
