MSO Group's £1.5m plan for research and export drive
An east Belfast packaging company is investing £1.5m to carry out research and development and explore export markets.
MSO Group has been creating packaging for the food, drink and pharmaceutical sectors since 1876 and currently employs almost 200 people
The investment is made up of £1m from its shareholders, including Co-Fund NI, along with a loan of £500,000 from the Northern Ireland Growth Loan Fund.
Created by Invest Northern Ireland, the Co-Fund is part- financed by the European Regional Development Fund.
Finance for the £50m Growth Loan Fund – which provides finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest NI and private investor, Northern Ireland Local Government Officers' Superannuation Committee.
Dominic Walsh, managing director of MSO, said the long-established business is well known for innovation and customer service.
"This combined cash injection of £1.5m into our business will be transformational," Mr Walsh said.
The investment in MSO is Co-Fund NI's most significant investment in any one company to date.
David McCurley, senior investment manager at WhiteRock Capital Partners LLP, which manages inquiries to the Growth Loan Fund, said that the fund is actively seeking to invest in companies.