UKEF backs new funding package for Yorkshire business developing sustainable polymer systems
Rosehill Polymers Group has finalised a multi-million-pound deal with Virgin Money and UK Export Finance (UKEF) – the UK’s export credit agency – to complete a refinancing and management buyout of the business and support its worldwide growth ambitions.
Since 1988, Rosehill Polymers has established itself as a market leader in the design, development and manufacturing of sustainable polymer systems at their facilities in Sowerby Bridge, West Yorkshire. The business serves a range of markets and industries including offshore energy, highways, rail, and security.
Rosehill exports its products to over 550 customers in 52 countries across the world, manufacturing many of its products using recycled and low-carbon-impact materials.
The UKEF-backed funding package from Virgin Money will help Rosehill to complete a management buyout, continue its worldwide growth and accelerate its move into new international markets. A key growth area that Rosehill will focus on is the decarbonisation and modularisation of construction materials used within the rail and highways sectors, by expanding its design, development and production of products using recycled materials as a primary raw material.
Rosehill anticipates that its continued development within this sector will create new highly skilled job opportunities, both across its production sites in West Yorkshire as well as in its supply chain.
The funding package includes a UKEF General Export Facility (GEF) loan guarantee which covered 80% of the financing, enabling Virgin Money to complete the transaction. The GEF product is a flexible government-supported scheme that helps UK export businesses to access working capital facilities, helping to improve cashflow or speed up international trade growth.
Dr Alexander Celik, managing director of Rosehill Polymers Group said:
This new funding package from Virgin Money will enable Rosehill to pursue our growth strategy as we focus on developing sustainable solutions for both the infrastructure and energy markets across the globe. I would like to express my thanks for the exceptional support and service that Rosehill have received from Virgin Money and we look forward to a long, successful, and profitable relationship with them.
Craig Wilson, head of FX Sales and Trade Finance at Virgin Money said:
Rosehill Polymers are an innovative business with an incredibly wide reach. It has been fantastic to see our international trade finance specialists and business development colleagues working alongside UK Export Finance to deliver a truly bespoke and innovative banking package for the Rosehill team. At Virgin Money we aim to ensure businesses have access to key specialists that can add value at the right time, and by bringing together the skills of all three parties involved we have delivered a winning package for the customer.
Alissia Deane, UKEF Export Finance Manager for West Yorkshire, added:
UKEF exists to help businesses nationwide win and deliver export contracts, offering free, impartial advice through its regional Export Finance Managers. It is great news that our GEF guarantee has enabled Virgin Money to issue this funding package to Rosehill Polymers, supporting the global growth of an innovative business.
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