- Finance package paves the way for future growth at the company
- Refinance facilities secured through our banking and invoice finance teams, and Lombard
Ebac has secured funding of £10.5m (including £5.5m of new facilities) from our banking and invoice finance teams, and Lombard.
Ebac manufactures bottled water coolers and dehumidifiers. However earlier this year, it announced plans to start making washing machines. This makes them the first UK-based appliance maker to manufacture washing machines in the UK in ten years. The company employs 200 staff at its only site in Newton Aycliffe, County Durham.
The refinance facilities will support the growth of the business in this exciting new area. It will also help with the development of their Norfrost by Ebac chest freezers.
The facilities consist of £6.5 million working capital facility and £1 million revolving credit. A further £3 million asset finance line from Lombard has been provided to support the introduction of new machinery.
Pamela Petty, Group Managing Director of Ebac:
"The Royal Bank teams have supported our plans from the inception of the project. It provided us with a solution which is adaptable to the changing needs of our growing business."
Paul Goodchild, Business Development Director (invoice finance team:
"We're delighted to support a UK manufacturer that is doing something different and seeking to reinvigorate the production of white goods in the UK. By working with my colleagues in the banking and Lombard teams we have structured a package that offers a flexible solution to suit Ebac’s growth plans."
Graham Robinson, Relationship Director at Royal Bank:
"Ebac's is a fantastic story of manufacturing in the North East. The business continues to diversify its product line and we are delighted to continue supporting the business. We wish Ebac every success for the future."
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