Environmental protection specialist, Andel, has secured a \u00a32.6m funding package to invest in new plant and machinery.<\/p>\n
The funding facility was provided by Arbuthnot Commercial Asset Based Lending and combines a \u00a32m confidential invoice discounting line with a \u00a3600,000 growth guarantee scheme loan, replacing Andel\u2019s previous lender following its withdrawal from the UK market.<\/p>\n
The funding will help Andel refinance existing debt and provides additional capacity for growth, including investment in new plant and machinery and a premises fit out.<\/p>\n
Based in Dodworth, South Yorkshire, Andel was founded in 1992 and has grown to become a global market leader in leak detection, water sustainability, flood defence, and environmental protection systems. Around 90% of its product range is manufactured in-house at its state-of-the-art facility. Andel also operates a dedicated R&D division in the Nexus building on the University of Leeds campus, underlining its commitment to innovation.<\/p>\n
Mark Harris, commercial director at Andel, said: \u201cWhat really appealed to us was the approach from Arbuthnot\u2019s business development director, Richard Ackers. The deal had to be done at double quick speed. We were speaking to each other and meeting several times a week. He saw how rapidly the business had grown and understood that replicating our previous lender wouldn\u2019t work. If we had gone down that route, we would have had to revisit and renegotiate all over again as we were bound to need a bigger facility.\u201d<\/p>\n
\u00a0\u201cWe\u2019ve doubled our turnover in the last three years, and we are projecting to double again in the next three years. So that takes a lot of financing. Arbuthnot is a very good fit for companies like ours that need support for significant growth.\u201d<\/p>\n
Andrew Rutherford, commercial director at Arbuthnot Commercial Asset Based Lending, added: \u201cWe are pleased to support Andel with this tailored funding package that provides both increased facility headroom and enhanced financial flexibility to fuel the company\u2019s expansion plans while maintaining its focus on innovation. Building strong relationships with ambitious businesses is at the heart of our approach, allowing us to create funding solutions that are truly aligned with their specific needs.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a32.6m funding package will finance investment in new plant and machinery<\/p>\n","protected":false},"author":271992,"featured_media":2137325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"coauthors":[137100],"class_list":["post-2137324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","tag-featured-story","tag-south-yorkshire","tag-yorkshire"],"yoast_head":"\n