TDX started as a tool making business in 1999 and diversified in to plastics (RPET) extrusion in 2006, a move that has seen turnover increase from £3m to £21m. The company buys recycled plastic in a semi-processed state and manufactures film to be used in the packaging industry, mainly for the food sector.
To meet a growing demand for recycled materials driven by greater regulation on landfills the company decided to expand its operations and open a third production line at their Team Valley base. Securing investment from FW Capital in 2013, TDX has now grown its workforce by 12 and developed into a market leader in R-PET film extrusion and high performance Thermoforming production tooling.
Managing director, Mark Prinn said: “Due to a growing demand for R-PET film we were keen to ramp up our production capacity and needed to secure a bespoke funding package to support our expansion plans. After speaking with Barclays they recommended FW Capital as a potential investor working alongside the bank’s funding. Michael at FW Capital was very supportive and understood our business strategy.”
“Securing the finance in late 2013 accelerated our growth. If we had needed to generate the money from cash-flow it would have delayed our plans by 18-24 months.”
“We’re now seeing turnover up from £16m - £22m since investment and an increase in profits of 33%. Plus we have been able to invest in recruitment and have introduced a Plastics Extrusion Technician apprenticeship scheme, with the first 4 apprentices recruited in 2013 qualifying this year.”
Michael Vassallo, senior investment executive at FW Capital, said: “TDX is an ambitious and successful North East business with a strong management team. Mark and his team have used a financial package from FW Capital to unlock the business’ potential creating jobs and boosting growth. The increase in market share and turnover means that it has been able to refinance the loan early and is now in a strong position to secure its long-term future.”