GrowHow seals £51m refinancing deal
FERTLISER manufacturer GrowHow UK has secured a £51m refinancing with the Royal Bank of Scotland.
The Chester-based business is the UK’s largest ammonium nitrate and compound fertiliser producer, servicing the agriculture and the process chemical manufacturing industry.
It has switched banks from HSBC where it had a £40m revolving credit facility.
Formed as a joint venture in 2007 between Norway’s Yara International and US-based Terra Industries, GrowHow has manufacturing sites in Cheshire and Teeside. It employs around 600 people has a turnover of some £500m.
The RBS deal, arranged with the bank’s Corporate & Institutional Banking team in Manchester, consists of revolving credit facilities, trade finance, foreign exchange and overdraft facilities.
The deal will also see RBS take over all the company’s day-to-day banking as it looks to consolidate its position as the number one fertiliser manufacturer in the UK.
Chief financial officer Colin Jones said: “The team at the Royal Bank of Scotland in Manchester has gone the extra mile in understanding our business and our ambitions. It is because of this, as well as their local knowledge, fantastic energy and full suite of products available, that gave us such confidence to work together for a bright future.”
Chris Logan, RBS relationship director, said: “GrowHow is a strong example of a well-run, dynamic and market leading business that the region can be proud of – and one we’re proud to be helping.
“We’re delighted to have been chosen to be the full banking partner, and to help GrowHow progress. It also demonstrates RBS’ commitment to support the UK manufacturing sector in the North West as well as nationally.”
