Midlands entrepreneurs plan a future in packaging with the support of pricewaterhousecoopers

A team of Midlands based entrepreneurs is planning to lead the UK’s packaging industry to a more innovative future, with the support of a newly appointed team of advisers at PricewaterhouseCoopers.

Led by chief executive, Peter Reay, the senior management team at newly formed i2r Packaging Solutions, based in Telford, also includes Jon West, Commercial Development Director and Richard Chaplin, chief financial officer.

i2r, standing for ‘innovation to reality’, has developed a range of patent pending, high quality, ready to cook aluminium smooth wall containers. With plans for rapid expansion, the company has appointed a team of specialist advisers at the Birmingham office of PricewaterhouseCoopers to provide support across a variety of key areas including corporate finance, business strategy and taxation.

Peter Reay, chief executive of i2r Packaging Solutions said:

“The food packaging industry in the UK is changing rapidly as retailers and food processors look for ways to reduce the amount of packaging being used and adopt more sustainable solutions.

“We are developing a range of products aimed at providing food manufacturers and retailers with exciting new designs to match their desire for innovation, greater quality and consumer convenience.

“At a time when manufacturing within the West Midlands is on the decline, we have made the conscious decision to locate our business here. Adjacent to the UK’s transport network, with a wealth of skills in the area and with 98% of the UK’s population within a four hour drive, we will be able to respond quickly to changes in demand and our customer needs.

“With the support of a team of dedicated, private company advisers at PricewaterhouseCoopers, we are aiming to grow our business very quickly and make the most of the market opportunities that exist. We are also actively seeking strategic acquisition opportunities capable of giving us the scale and capacity to achieve this. “

In order to take the product to market, the start-up company has raised private equity finance from iC2 Capital and is investing £2.4 million in a 4,000 m², fully equipped production facility in Telford. When fully operational the site will employ around 25 people.

Keith Anderson, Partner at PricewaterhouseCoopers said;

“Backed by three experienced directors, this company is a great example of a new breed of entrepreneurial manufacturing business now entering the market that are lean, market ready and focused on growth.

“Working in partnership with i2r we will be enabling them to grow quickly, building on the systems, processes and contacts they already have in place.

“The philosophy of i2r is unique within their sector. They are transparent within their operation and approach, they place great importance on working hand in hand with customers to develop innovative packaging solutions and they can respond quickly to demand. We both share these principles.

“With an expanding ready to cook market and a high awareness of food miles, the i2r packaging product is being welcomed by food manufacturers and retailers alike creating great excitement within the marketplace.”