Redpack Packaging Machinery designs and manufactures flow wrapping and packaging machinery. Based in Norwich, its markets include industries such as fresh produce, snack foods & bakery, pharmaceuticals, household products, greeting cards, gifts and toys.
The company had been successfully growing its turnover year-on-year and wanted to continue its impressive growth trajectory by expanding its market with an integrated finance solution.
“We already had a large market share in the UK but in order to keep growing we wanted to have more autonomy with finance and to strengthen our footprint overseas”, says Rick Briston, Business Development Manager, Redpack.
“In many ways offering integrated finance to our customers helped with both.”
As an international and expert financier, Siemens Financial Services (SFS) was the ideal partner for Redpack to achieve its ambitions and attract more business.
“What struck me about SFS was their flexibility on creating bespoke deals. The team is more than happy to use their sector knowledge to do something out of the ordinary. They also appreciate and recognise our understanding of the industry. All of this lets us pursue deals that a standard financier might not understand and so turn down.”
One such customer was a Dutch company that wanted to enter the UK market for the first time. Despite having established a successful operation in the Netherlands, the company had to enter the UK as a new business, which posed a potential challenge to accessing traditional lines of investment. Working with Redpack, SFS was able to offer a financing arrangement that acknowledged the Dutch customer’s footprint in Europe and its potential for success in the UK.
“Finance is a vehicle for us to help customers make investments that get them excited about building value in their business. For many of them, sustainability and efficiency are top concerns and modern equipment and machinery is a key pathway to meeting energy and carbon reduction goals.”
“What’s more, the service we receive from SFS is second to none. We have one key contact who makes herself readily available to us and proactively approaches every deal with imagination.”
As a result, Redpack can now offer customers tailored and flexible finance arrangements at point of sale resulting in more deals closed.
“When I think about it, in the first year alone finance has moved the dial for us and we’ve closed 4% more sales than we would have done without it – and this is just year one. And while we haven’t yet done any work with SFS on the continent – purely introductions – I can already see a lot of potential for the future. As we achieve greater volume overseas, we’ll have greater opportunities and this is where finance makes a difference.”
Kirsty Talmage-Rostron, Business Development Manager – UK South at Siemens Financial Services comments, “It is a pleasure working with Redpack and assisting their customers with acquiring the machinery they need to make their businesses grow. Redpack’s equipment is perfectly suited to bespoke finance options that enable the customer to invest without tying up capital, in fact with finance the equipment can pay for itself over the term of the agreement.”