The Manchester-based chemicals company, Akcros Chemicals has received more than £7m of funding.
The chemicals company, which provides additives used in the manufacture of plastic products, was forced to refinance as a result of the collapse of the Icelandic bank, Landsbanki.
Akcros was then approached by a number of banks before agreeing a flexible working capital facility with RBS’s asset-based lending (ABL) division, RBS Invoice Finance. The bank’s asset finance arm, Lombard, also provided new lending of approximately £700,000 to fund investment in new machinery at Akcros’s Eccles base.
Speaking of the funding injection, Richard Catchpole, Chief Executive Officer of Akcros Chemicals said “We are delighted to have agreed a new ABL facility with RBS, which provides us with the security and flexibility we require to achieve our growth objectives.
“Having to refinance during the depths of a recession was not ideal, but the strong relationship that we built with the team over the course of several months and the RBS ability to deliver a full one-stop-shop solution was key to us choosing them.
“During the downturn, we took action to align our business to the changing landscape and have managed to keep growing over the past year or so by developing new product lines and winning new customers in overseas markets.
“The results we’ve produced over the last year or so have justified our confidence in this strategy and the funding from RBS gives us security and flexibility as we continue to grow.”
Akcros Chemicals has an annual turnover of £60m and its products are exported to more than 50 countries worldwide. The chemical company employs 140 staff at its Manchester site, with the remainder working at its US subsidiary in New Jersey.
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