Chemicals firm secures £1m funding deal

A business specialising in the distribution of chemicals and minerals has secured £1m in funding.

Lake Chemicals & Minerals, based in Redditch, will use the CBIL funding to support the business through the current crisis.

The business, which was established in 2002, supplies chemicals, minerals and technical products to customers across a range of sectors but primarily the manufacturing sector.

Steven Cartlidge, managing director of Lake Chemicals & Minerals, said: “Like many businesses, we have had to plan for a delay in orders and interruption to our cashflow during this period. We have done much work around planning for the next six-12 months which has also involved us writing to our customers, suppliers and staff to provide peace of mind. The funding from Barclays was organised swiftly which has helped enormously with our planning.

“We would like to think we are also playing our part in aiding those recovering. For example, we have been supporting a number of firms who manufacture medical diagnostics kits with the reagents they require and it is vital we respond to these requests as quickly as we can. Additionally, we have been supporting our food manufacturing clients with ingredients required for recipes supporting immunity and recovery from ill health.”

Ross Veale, relationship director at Barclays in Worcestershire, said: “I am delighted we have been able to support the company with the funding they require. They have a clear plan on how to navigate their way through the current climate which was instrumental in securing the funds in a timely manner.”