Future looks green for fuel manufacturer in £65m funding package

MANUFACTURER of smokeless fuel products, CPL Industries Group, has secured a £65m funding package to expand in Ireland.

CPL, which is based in Sheffield, has already secured planning permission for a manufacturing site in Ireland at Shannon Port, Foynes. Construction is set to begin as early as 2016.

The Irish government are reportedly in the midst of discussions over the banning of smoke-producing fuels, and are planning to encourage the use of

Lloyds Bank Commercial Banking’s mid market and strategic finance teams put together the funding structure.

CPL employs over 450 staff and recorded revenues of £127m million for the year to March 2015.

Tim Minett, chief executive of CPL, said: “We are at the start of an exciting phase of significant investment across the business.

“As well as new manufacturing facilities in the UK and Ireland, we are developing new product lines, such as wood fuel, and expanding our online sales channels.”

Adam Barraclough, relationship director at Lloyds Bank, said: “CPL’s innovative products and ability to meet customer demand has cemented its position as the market leader in the UK.

“We are confident that its investment in overseas markets, particularly in Ireland, will pay dividends and its domestic success will be replicated.”

Kris Keen, strategic finance director at Lloyds Bank, said: “The ongoing drive to reduce reliance on gas and encourage the use of alternative fuels represents a real opportunity for CPL to grow, especially in Ireland where the topic of smoke producing fuels is high on the political agenda.”

 

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