Turnover has doubled and 65 news jobs have been created at a Pontypool packaging manufacturer since it received a £50,000 loan from Finance Wales.

Diamondpak manufactures more than 20 million cardboard packages a year and is a leading supplier of packaging to the e-commerce and manufacturer sectors in the UK.

The company took out the loan four years ago to purchase and install a new die-cutter as well as multi-point gluing and ‘peel and seal’ equipment.

Finance Wales’ loan, together with support from the Welsh Government, enabled the company to introduce a new range of packaging and boost its capacity to capitalise on the dramatic growth in online shopping and demand for home delivery.

Annual sales of Diamondpak’s new packaging lines now exceed £5m a year.

Diamondpak director Russell Davies said: “We’re now one of the leading independent corrugated packaging suppliers in the UK and we also provide a range of other specialist design services. This means we can provide customers with the most cost-effective packaging to suit their requirements.

“The funding and support package from Finance Wales and the Welsh Government has had a significant impact on our business and without it, investing in the business wouldn’t have been possible at the time. We’ve created 65 new jobs and by increasing our production capacity, we’ve won new contracts from both new and existing customers and doubled our turnover. We’re continuing to extend our product range and ramp up our production capacity.”

Finance Wales portfolio executive Matthew Pugh, who has worked with Diamondpak since 2011, said: “Diamondpak’s directors have a wealth of industry knowledge which has helped them reposition their business. They’ve spotted industry trends and successfully moved into profitable new markets. Their efforts are continuing to pay off and they have some exciting plans in the pipeline.

“The funding package from Finance Wales and the Welsh Government was just the start for Diamondpak. It’s been a real catalyst for innovation and growth in the business. Diamondpak has already implemented some significant changes and is on course for further expansion.”