ONE of Inverclyde’s most successful companies could quit the area because of a huge rent increase.

Bosses from fast-growing PG Paper, which is based at Greenock’s historic Custom House, are in talks about a possible move out of the district.

The Tele understands the discussions have been prompted by a rent hike from their landlords Riverside Inverclyde (RI).

Company officials did not go into detail about their reasons for looking elsewhere but did confirm they are reluctantly exploring the idea of leaving the area.

PG Paper was one of the first tenants in the newly refurbished Custom House when it opened two years ago.

The company employs around 22 people at its Greenock HQ and bosses plan to create at least 20 new jobs in the coming years as part of an ambitious expansion plan.

Puneet Gupta, PG Paper’s chief operation officer said: “We love where we work and want to stay where we are.

“Our intent is to sit down with Riverside Inverclyde and hopefully find something that works for both.

“The reason we want to stay is a large number of our employees are from the Inverclyde area but equally it needs to make financial sense.

“We’re looking at all options and have seen other offices outwith the area.

“The intention is to stay if we can.

“I would lose a good number of staff if we moved out the area.”

Mr Gupta and wife Poonam who was awarded an OBE earlier this year, set up the business in 2003 and it has gone on to win numerous awards.

The firm has expanded rapidly in that time and now exports to over 55 countries worldwide, with an annual turnover of £35 million.

In May, Mrs Gupta – the company’s chief executive – told the Tele about plans to grow the business and increase turnover to £100m in the next five years by targeting new and emerging markets in China, India and South America.

The company last month secured a £10m funding package from banking giants Santander to help with the expansion, which could see 20 new jobs created to add to the existing workforce of 22.

A spokesman for RI said: “All of Riverside Inverclyde’s lease terms are highly competitive and lease negotiations with our tenants are treated with the utmost confidentiality.

“We would never discuss these with a third party.”