A South Wales company which is providing its vital products for ‘essential’ industries during the coronavirus outbreak has secured a £226m funding package from HSBC UK to support its ongoing growth.
Amid unprecedented economic uncertainty, Purolite – a firm specialising in resin-based separation, purification and extraction technology – has secured the multi-million-pound finance facility, which includes a £41m uncommitted accordion option, to invest in the development of its manufacturing plant and research and development facility at Llantrisant Business Park, as well as upgrading its manufacturing facilities in China and Romania.
Purolite is already playing a critical role in the pandemic response by supplying its resins to manufacturers of COVID-19 test kits.
These developments will allow Purolite to continue supplying its resin-based products to essential industries, including the pharmaceutical, food and agriculture, electronics and utilities industries which rely on these products and must continue operating throughout the COVID-19 crisis.
Steve Brodie, co-founder and CEO of Purolite, said: “We’ve been working closely with HSBC UK for almost 12 years and during this time, we’ve secured three major funding packages – the last of which was put in place amid the 2008 recession to accelerate Purolite’s expansion. As the COVID-19 crisis took hold, the bank responded in record time again, highlighting its ability to support us through all manner of economic uncertainties.
“While the team has been busy supporting clients who’ve been adversely affected by the global pandemic, we are grateful that they’re also able to support larger firms like ours to keep the worldwide economy moving and to help us respond to the increasing demand for our products.”
Speaking about the financing, James Cundy, Managing Director of HSBC UK’s structured finance team, added: “HSBC UK has had a long-standing relationship with Purolite since becoming its primary banking partner in 2008 so we have a deep understanding of the critical work it does to support industry.
“We’re incredibly proud to be working with Steve and the team again as they supply their much-needed purifying resins to companies during this uncertain time. It is important for us an international bank to support international businesses to help stabilise economies across the world.”
James worked alongside directors Nathan Pritchard, Ed Hughes and Rohit Moudgil at HSBC UK to finalise the deal.