South Wales business secures £226 million from HSBC UK to support essential industries during Covid-19
A South Wales company which is providing its vital products for ‘essential’ industries during the coronavirus outbreak has secured a £226 million funding package from HSBC UK to support its ongoing growth.
Amid unprecedented economic uncertainty, Purolite - the world-leader 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.
Founded in 1981 by brothers Stefan and Don Brodie, Purolite is the only company in the world that uses 100 per cent of its resources on the development and production of innovative resin technology. In addition, Purolite’s Life Sciences division is at the forefront of monoclonal antibody processing, biomolecule purification and peptide synthesis. The business has a global presence in 90 countries, with over 1,000 staff member and 10,000 customers worldwide.
Purolite’s primary research and development facility and European headquarters is based at Llantrisant Business Park in Wales where it is a key contributor to the local economy. The business also has research and development facilities in the US, China, Romania and Russia.
For more information about Purolite, please visit: https://www.purolite.com
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HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,715bn at 31 December 2019, HSBC is one of the world’s largest banking and financial services organisations.
- HSBC Holdings plc
- HSBC Holdings plc