Multi-million pound finance deal secured for materials manufacturer
Rosehill Polymers Group has finalised a multi-million pound deal with Virgin Money and UK Export Finance to complete a refinancing and management buyout and accelerate its worldwide growth ambitions.
Since 1988, Rosehill Polymers has established itself in sustainable polymer systems design, development and manufacturing at its base in Sowerby Bridge, West Yorkshire.
The business serves a range of markets and industries, including offshore energy, highways, rail, sports & play, and security. It exports products to over 550 customers in 52 countries across the world.
With support from the Virgin Money funding package, a key growth area Rosehill will focus on is the decarbonisation and modularisation of construction materials used within the rail and highways sectors.
The company will expand its design, development and production of products primarily based on the use of recycled materials as a primary raw material for the manufacture of key elements within capital infrastructure projects.
Rosehill anticipates its continued development within this sector will create new highly skilled job opportunities, both across its production sites in West Yorkshire as well as in its supply chain.
Virgin Money’s Business Development and Trade Finance teams worked with UK Export Finance (UKEF) to get the deal finalised.
The funding package includes a UKEF General Export Facility (GEF) loan guarantee which covered 80% of the financing, enabling Virgin Money to complete the transaction.
The GEF product is a flexible government-supported scheme that helps UK export businesses to access working capital facilities, helping to improve cashflow or speed up international trade growth.
Dr Alexander Celik, managing director of Rosehill Polymers Group, said: “This new funding package from Virgin Money will enable Rosehill to pursue our growth strategy as we focus on developing sustainable solutions for both the infrastructure and energy markets across the globe.
“I would like to express my thanks for the exceptional support and service that Rosehill have received from Virgin Money and we look forward to a long, successful, and profitable relationship with them.”
Craig Wilson, head of FX sales & trade finance at Virgin Money, said: “Rosehill Polymers are an innovative business with an incredibly wide reach.
“It has been fantastic to see our international trade finance specialists and business development colleagues working alongside UK Export Finance to deliver a truly bespoke and innovative banking package for the Rosehill team.”
Alissia Deane, export finance manager for West Yorkshire, added: “UKEF exists to help businesses nationwide win and deliver export contracts, offering free, impartial advice through its regional Export Finance Managers.
“It is great news that our GEF guarantee has enabled Virgin Money to issue this funding package to Rosehill Polymers, supporting the global growth of an innovative business.”
