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Birmingham Post
Birmingham Post
Business
Coreena Ford

Formula Plastics taps into seventh investment from NEL Fund Managers to drive growth

Nel NEL Fund Managers Formula Durham

A North East manufacturer is planning to double turnover by the end of next year after securing its seventh funding package from Newcastle investors.

Injection moulding firm Formula Plastics has renewed its longstanding relationship with NEL Fund Managers as part of its growth plans, 26 years after the Newcastle investment organisation helped to launch the business.

The company has brought in a £100,000 investment from the North East Small Loan Fund Supported by The European Regional Development Fund via the Recovery Loan Scheme as it looks to regain ground lost during the pandemic.

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