Cool £3m funding deal for refrigeration firm
Global refrigeration services company Elstat has secured a £3m loan from Barclays to support the launch of a new solution to the sector’s commercial market.
Based in Preston, Elstat has been creating technology for the commercial refrigeration market for more than two decades.
The company designed and patented the world’s first learning energy management systems and solutions, which are fitted to more than six million coolers in 160 countries.
Elstat has now developed a new service solution called Nexo – a cutting-edge, internet-of-things solution which connects consumer behaviour in the retail environment directly to drink sales, using the latest proximity technology
Nexo provides in-store insights to help brands to maximise the return from their cooling asset base across all retail channels.
The support from Barclays will help drive sales of Nexo globally with new and existing clients.
The loan is financed through a £200m debt fund focused on high growth companies. It was facilitated by the Barclays Corporate team including Richard Faulkner (TMT relationship director) and Rob Hession (relationship support manager).
Elstat employs a global team of 40 employees across nine different countries.
Chief executive Nick Nearchou said: “We have developed a strong relationship with Barclays as we need a banking partner for the long-term, supportive of our business aims and ambitions. The team at Barclays shares our enthusiasm, understands our business and is keen to support our future growth plans as we expand both in the UK and abroad.”
Faulkner added: “Elstat is a fascinating company to work with and I have thoroughly enjoyed building a strong partnership with the management team over the last few months. A strong management team coupled with the energy and passion of all the staff has enabled them to achieve impressive growth in a short space of time.
“Like Barclays, Elstat is a pioneer in its sector and innovation is part of the DNA of the business – I look forward to seeing the business grow in the months and years ahead.”
