Arbuthnot Commercial Asset Based Lending (ABL) has agreed to provide a £6.5m refinancing facility to fluoropolymer processor the Fluorocarbon Group.
The funding comes after the group secured several substantial long-term global contracts.
The facility will be used to enable the group to continue to fund its organic growth in order to meet its future needs.
Fluorocarbon is a pioneer in the moulding of polytetrafluoroethylene (PTFE) polymers and supplies a variety of customers and industries across the aerospace, food, medical, oil and gas, water and chemical processing sectors.
“Expanding trade is fundamental to raising productivity and increasing prosperity across the country,” said Andrew Rutherford, commercial director at Arbuthnot Commercial ABL (pictured above).
“Export businesses such as Fluorocarbon underpin the economy and we are delighted to provide them with [the] necessary funding to support the group’s prospects and ambitions as they continue to expand overseas.”
Fergus Wells, CEO at Fluorocarbon, said it was an exciting time for the company.
“We are seeing significant growth in our business and Arbuthnot Commercial ABL was open to discussing various options, working with us to structure precisely the right solution to enable us to drive further investment in our operations and product development.
“Being able to talk directly with the underwriter and the credit committee was very beneficial and they worked hard to get the deal over the line to meet the agreed timeline.
“The fact that Arbuthnot Commercial ABL [is] a small team made it easier for [it to] understand our business as whole.
“Whether we are looking at acquisitions or other funding requirements, we are confident – with our future growth plans – that Arbuthnot Commercial ABL will be close partners.”
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