Sale and HP Back - CelluComp Ltd
CelluComp is a dynamic material science business based in Scotland that develops high performance products based on sustainable resources. The company has discovered the exceptional opportunities offered by materials produced from non-hydrocarbon feed-stocks.
Its principle activity is to develop and commercialise Curran, a material developed from the extraction of nano-cellulose fibres of root vegetables. Curran offers exceptional rheological and mechanical properties for numerous applications, such as paints and coatings, personal care, home care, cosmetics, concrete, drilling fluids, composites and other potential applications.
Self-funded custom built plant
CelluComp have built a highly customised plant on an industrial estate in Glenrothes, all of which has been self-funded by the company through the investment of cash, private equity and grants.
Having made a large capital outlay on the fit out of the plant and business assets, CelluComp took a decision to seek funding to ensure comfortable liquidity and cash flow.
Refinance to raise equity
CEO of CelluComp, Christian Kemp Griffin was introduced to Close Brothers Asset Finance via broker Jamie Lindsay at Breadalbane Finance.
James Waterson, Area Sales Manager at Close Brothers Asset Finance was able to quickly evaluate the value that could be unlocked from the company’s existing plant and machinery. James suggested a Sale and HP Back deal with a five year repayment term, which gave CelluComp a cash injection.
A smooth process
Christian Kemp Griffin CEO of CelluComp said: “The loan from Close Brothers has provided us with the capital we needed to finance the plant and continue managing effective cash flow in the business.
“The whole process has been very easy and uncomplicated. Close Brothers have been very flexible in their approach, and key for us, they were willing to believe in the potential of a young start-up company,” he added.
