Wellingborough eco-friendly pallet manufacturer £750,000 funding to create jobs and boost growth – and gains a King’s Award for Excellence in Innovation

A Wellingborough paper honeycomb board manufacturer has secured another £750,000 government-backed loan to create new roles, boost capacity and support growth.

The Alternative Pallet Company, based on the Park Farm industrial estate, trades as PALLITE selling its range of 100 per cent recyclable paper-based products including shipping crates, layer board, pallets and packaging.

Previous investment of £750,000 from the Midlands Engine Investment Fund (MEIF) in 2021 saw the company create 18 new jobs, establish trading in new overseas markets, and more than double its sales revenues.

The new funding will be used to create new roles in finance and operations, boosting capacity to meet increased demand and supporting the next phase of growth.

Thanks to the innovative honeycomb technology, the company is to be awarded a King’s Award for Excellence in Innovation – one of only 148 organisations nationally to be recognised with a prestigious King’s Award.

The FSE Group manages a section of MEIF that provides investments between £100,000 and £1.5 million to support growing small and medium enterprises across the region.

Paul Etty, PALLITE finance director, said: “We are delighted to have secured this further MEIF funding, which ensures we can press ahead with our growth plans.

"Our products provide customers with environmentally friendly solutions to help reach their sustainability targets. We are honoured to be a recipient of a King’s Award and excited to be taking this offering to more markets. FSE has continued to show an understanding of our business model and is prepared and able to invest where traditional lenders cannot.”

The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund – part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank.

Ann Marie McFadyen, investment manager at The FSE Group, added: “Paul and the team have made impressive progress since our last loan – despite difficult trading conditions caused by Covid and Brexit – with the company on track to deliver over 100 per cent growth in 2023 for the second year running. We are pleased to be continuing to support this growing and ambitious business as it develops more sustainable products for worldwide use.”