Europe’s largest manufacturer of smokeless fuel products has secured a new £65m funding package to help expand across the continent.
The new funding structure, put in place by Lloyds Bank Commercial Banking for Killamarsh-based CPL Industries Group (CPL), comprises invoice discounting and revolving credit facilities. It is provided by the bank’s Yorkshire-based mid markets and strategic finance teams.
Tim Minett, chief executive officer of CPL, said: “We are at the start of an exciting phase of significant investment across the business. As well as new manufacturing facilities in the UK and Ireland, we are developing new product lines, such as wood fuel, and expanding our online sales channels. The advice and support of the team at Lloyds Bank has been invaluable, providing us with a solid platform from which to execute our growth plans.”
Adam Barraclough, relationship director at Lloyds Bank, added: “CPL’s innovative products and ability to meet customer demand has cemented its position as the market leader in the UK. We are confident that its investment in overseas markets, particularly in Ireland, will pay dividends and its domestic success will be replicated.”
CPL has planning approval for the construction of a new manufacturing site in Foynes, Ireland, and it could be in production as soon as next year. It would supply Irish households with smokeless fuel as an alternative to traditional smoke producing fuels.
The firm employs over 450 staff and was founded in 1973.
It is the market leader in the UK smokeless fuel market selling to retail customers including Asda and Tesco. It recorded revenues of £127m in the year to March 2015.