Cornwall’s Flexi-Hex to create jobs after securing £1.25m funding

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Cornwall’s Flexi-Hex to create jobs after securing £1.25m funding



An organization that designs and manufactures sustainable packaging has secured a £1.25m funding which is able to create jobs and assist it with exports. Flexi-Hex, primarily based in Porthleven, has secured a £500,000 Cornwall and Isles of Scilly Funding Fund (CIOSIF) fairness funding as a part of the entire funding spherical which incorporates a number of angel buyers. The funding can be used to help the expansion of the enterprise, with a concentrate on worldwide growth and persevering with to develop its pioneering product vary, whereas creating various new jobs. Learn Extra
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Co-founded by twin brothers Will and Sam Boex, Flexi-Hex produces sustainable packaging options initially developed for transport surfboards. The patented honeycomb sleeves are fabricated from 100% recycled paper, and are curbside recyclable, and biodegrade inside eight weeks. Famend for its power, the modern hexagonal cell construction gives improved safety for fragile merchandise and presents a superior various to plastic and polystyrene merchandise, reminiscent of bubble wrap and air pillows, whereas delivering a beautiful product that’s interesting to high-end manufacturers. Sam Boex, inventive director, stated: “As surfers ourselves, we knew how vital defending the marine atmosphere is to the browsing neighborhood and so in 2018 we launched our first Flexi-Hex surfboard sleeve. “Since then now we have gone on to develop eco-friendly packaging that can be aesthetically interesting, to be used throughout a variety of sectors together with drinks, cosmetics and electronics.” Will Boex, operations director, stated: “This funding comes at a crucial level in our growth, supporting our launch within the US and different worldwide territories in addition to serving to us to create extra modern merchandise and pursue our formidable progress technique.”

Flexi-Hex produces sustainable packaging options initially developed for transport surfboards
The CIOSIF funding deal was dealt with by The FSE Group, the appointed CIOSIF fund supervisor. Ralph Singleton, head of funds, Cornwall, at The FSE Group, stated: “Flexi-Hex has an amazing monitor file, having achieved 260% natural gross sales progress year-on-year since launch. The group has established a powerful buyer base and has credible co-investors already in place. The funding secures 11 high-quality, skilled jobs in Cornwall with many extra anticipated to be created post-investment and we’re delighted to be working with this vibrant group to assist them benefit from the alternatives out there.” The £40m Cornwall & Isles of Scilly Funding Fund gives debt and fairness finance from £25,000 to £2m to assist rising small companies throughout the area. It has been established by the British Enterprise Financial institution in partnership with the Cornwall and Isles of Scilly Native Enterprise Partnership (LEP). Sarah Newbould, senior funding supervisor from the British Enterprise Financial institution, stated: “The British Enterprise Financial institution is actively supporting sustainable companies across the UK by means of our regional funds. Flexi-Hex have created an modern product that can assist stem the tide of plastics coming into our oceans, whereas creating jobs in Cornwall. We’re delighted to help their additional progress.”

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John Acornley, LEP non-executive director, who chairs the CIOSIF advisory board, stated: “Flexi-Hex’s mission to deal with plastics in packaging with a sustainably-sourced, biodegradable various is a superb instance of a Cornish enterprise that has innovation and sustainability at its coronary heart. Their patented system has purposes in a variety of sectors and is poised to interrupt into new markets.” The worldwide packaging market is presently value nearly $1trillion and e-commerce continues to develop following its pandemic increase. Shopper demand is main the rising transfer in direction of sustainable packaging with legislative modifications additionally turning into a key driver. The UK is about to introduce a tax on plastic packaging from April 2022, whereas another international locations – together with Canada and Western Australia – are planning to ban single-use plastic packaging altogether. Learn Extra
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