A Cumbrian papermaker and materials specialist has completed a £ 25m financing deal to support its sustainable development goals.
James Cropper, in Burneside, near Kendal, makes luxury papers, as well as a range of other materials for use in industry.
It has completed the club-bank financing deal with NatWest and HSBC UK backed by an 80 per cent guarantee by UK Export Finance.
Croppers employs over 600 full-time employees across four global manufacturing locations with an operational reach to over 60 countries.
Alongside the papermaking operation it also produces its COLORFORM range of molded paper packaging. Its Technical Fiber Products division makes highly specialized materials for use in multiple sectors and it also operates the world’s first paper cup recycling plant.
The funding, which was supported by UK Export Finance with NatWest acting as coordinator and agent, will be used to support its strategic innovation, growth capex and other improvements including new machinery, building expansion, decarbonisation plans and improvement to upcycling processes.
Isabelle Maddock, chief finance officer at James Cropper, said: “Our commitment is to create pioneering materials and sustainable solutions in support of the markets we serve and in taking direct responsibility for progressing our operations via all our ESG priorities. The funding will allow us to invest in our business while also delivering on our commitments to our customers. ”
John Howard, relationship director at NatWest, said: “We are pleased to support James Cropper with funding which will enable the business to continue to expand, innovate and develop new practices to support their sustainable goals. The business continues to do incredible work across the community and we look forward to working with the management team in the future. ”
Iain Schofield, relationship director at HSBC UK, said: “James Cropper is an innovative manufacturing business with a clear focus on community and sustainability. I am pleased that we have been able to provide additional commitment and funding for the long-term growth aspirations of the business, which complements our international support for the group. ”