The business, which provides bespoke packaging for customers in the food sector received the grant in 2014 and has since kitted out its premises with a Thermoforming machine and tooling equipment.
The updated equipment means Intelligent Packaging Solutions has been able to increase its prominence in key markets, producing and decorating yoghurt cups, porridge pots and ice cream containers on site for customers across the country.
The firm also has a small export business, selling into Ireland, France and Australia.
Intelligent Packaging Solutions North East financial controller, Scott Little, said: “The Thermoforming machine has made all the difference.
“It makes round cups, which we were previously buying from competitors to decorate and sell on to our customers.
“Following the investment we no longer depend on competitors for the supply of cups. This now gives Intelligent Packaging Solutions a competitive advantage, adding further value to our customers.”
Since receiving the grant, the firm has developed its Washington facilities and taken on an additional unit to create a new innovation centre.
Funding was supplied by the Let's Grow Regional Growth Fund.
Mr Little said: “We are growing and Washington is going to be a key site for us.
“Having access to the Let’s Grow funding has provided a stronger foundation stone for our business. Giving the company a clear future strategy and a one stop shop for our customer base.”
IPS’s bid for £187,000 for two additional new machines has been accepted and once installed, the equipment will add a further 13 jobs to the 100-plus workforce.
Neville Bearpark, UNW corporate finance partner, said: “IPS is a fantastic example of how the right kind of financial support can really give a company a competitive edge.
“The business is growing, creating new jobs within the region and expanding its site to meet the extra demand. It’s great that Let’s Grow has been able to play such a key role in helping the company achieve this.”
Andrew Frost, project adviser at BE Group, added: “IPS demonstrates brilliantly what can happen when a strong management team which thinks strategically is also matched with the right type of funding. We look forward to seeing the company continue its excellent growth.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement