Arbuthnot Commercial Asset Based Lending Ltd. (“Arbuthnot Commercial ABL”), is pleased to announce that it has agreed terms of a £6.5m refinancing facility with leading fluoropolymer processor the Fluorocarbon Group (“Fluorocarbon”), following it securing several substantial long-term global contracts. The facility will enable the Group to continue to fund its significant organic growth in order to meet its future needs.
Having visited the Group’s premises, Arbuthnot Commercial ABL was able to gain a good understanding of the business allowing it to act quickly to structure and deliver the additional liquidity headroom required.
Founded in 1962, Fluorocarbon is a pioneer in the moulding of polytetrafluoroethylene (PTFE) polymers and today supplies a spread of customers and industries across the aerospace, food, medical, oil & gas, water and chemical processing sectors. The Group is consolidating its position as a market leader in applied material science solutions and is now successfully established as a strategic supplier, embedded in key OEM supply chains.
Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:
“Expanding trade is fundamental to raising productivity and increasing prosperity across the country. Export businesses such as Fluorocarbon underpin the economy and we are delighted to provide them with necessary funding to support the Group’s prospects and ambitions as they continue to expand overseas.”
Fergus Wells, CEO at Fluorocarbon, said:
This is a very exciting time for Fluorocarbon. We are seeing significant growth in our business and Arbuthnot Commercial ABL was open to discussing various options, working with us to structure precisely the right solution to enable us to drive further investment in our operations and product development.”
He continued: “Being able to talk directly with the underwriter and the credit committee was very beneficial and they worked hard to get the deal over the line to meet the agreed timeline. The fact that Arbuthnot Commercial ABL are a small team made it easier for them understand our business as whole. Whether we are looking at acquisitions or other funding requirements we are confident, with our future growth plans, that Arbuthnot Commercial ABL will be close partners. I look forward to their value-added support.”