Refinance unlocks growth funds for ESL Fuels
A FUEL products manufacturer which has seen sales surge 67% over the last two years, has refinanced to further boost growth.
ESL Fuels of Stanlow, Cheshire, has refinanced its previous overdraft facility with Barclays to a receivables-linked structure that enhances its working capital to £5m.
ESL Fuels is a blender and supplier that specialises in the manufacture of innovative fuel products. It provides fuels developed specifically for the road, heating, heavy duty haulage and marine markets.
The company works closely with their main trading partner; Certas Energy, which supplies approximately 7 billion litres of product a year.
Last year ESL Fuels bought and upgraded the former BP Castrol site in Stanlow. Employing approximately 30 people, the firm has experienced strong growth in recent years growing from £43m of turnover in 2010/2011 to £72min 2012/2013.
The enhanced facility was arranged by the North West Corporate Banking team at Barclays involving relationship director Paul Devenport and trade and working capital director Neil Dobson.
ESL Finance Manager, Andrew Bell, said: “As we grow, our finance grows and adapts to help us achieve our aspirations. ESL has grown significantly over the last few years.”
Neil Dobson, trade and working capital director at Barclays said: “ESL is a well-run, growing North West business and following its recent relocation, the company is ideally positioned to continue on its growth track over the coming years.”
