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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
FCA requests further information about overdraft pricing
The FCA has asked major banks to provide evidence of how they arrive at pricing decisions for overdrafts...
Rigour builds resilience
There is a relentless flow of new technologies and development methodologies unfolding on many fronts in the financial services arena...
Enhancing offerings to SMEs with the use of technology
Small- and medium-sized enterprises (SMEs) make up a significant proportion of British businesses...
New digital bank Vive receives banking licence
New digital bank Vive has received its UK banking licence with restrictions from the Bank of England...
Aldermore names Damian Thompson as new group MD for retail finance
Aldermore has named Damian Thompson (pictured above) as its new group managing director for retail finance, subject to regulatory approval...
Tink closes €90m investment round
Tink has completed a €90m (approximately £76.8m) investment round — its largest funding to date — to support its European expansion...
Step back from the hype: what can AI realistically deliver in 2020?
While talk of artificial intelligence (AI) in financial services generates great excitement, it’s important not to get too carried away and caught up in overly ambitious uses of the technology...
Temenos launches microservices architecture tool for large banks
Banking software company Temenos has launched Temenos Transact — a microservices-based architecture tool designed for large banks...
Starling Bank enhances product offering for SMEs
Starling Bank has enhanced its product offering for businesses and sole traders with a range of new features...
2020 vision: Open Banking is open for business
Last year was a major one for Open Banking. September’s PSD2 deadline encouraged banks to accelerate their efforts to become compliant, and while the nuts and bolts of the technology did pose a challenge, the opportunity for both banks and third-party providers (TPPs) has finally come to light...
FCA calls for easy access cash savings reform
The FCA has proposed to reform the easy access cash savings market...