Industrial wipes company cleans up with loan
An Antrim-based manufacturer and distributor of textile wipes has received a loan from the £50m Growth Loan Fund which will be used to increase the levels and range of stock to be exported throughout the UK and Irish markets.
Finance for the £50m Growth Loan Fund – which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Commercial Wipes LLP run by Managing Director, Connor Dinsmore, manufacture and distribute a range of industrial hygiene products including textile wipes, non-woven cleaning wipes and paper consumables to customers throughout the UK and Ireland. After recent expansion the company now operate from a 20,000 sq ft production facility in Antrim.
Connor explained: “Recognising the potential for further development we acquired Commercial Wipes four years ago and invested to develop the business. After penetrating new markets on the mainland UK we have successfully achieved annual growth of 50% year on year. When we acquired it, the company was processing 10 tonnes of textile material per month; now it is processing 120 tonnes per month and with continued growth we hope to create around six new jobs in the near future.
“With this loan from the Growth Loan Fund, we will be able to create significant efficiencies in our production processes. We import raw materials from all over the world including India, Pakistan, China, and Eastern Europe. It is then manufactured and processed into a range of industrial wipes before exporting to the UK and Ireland – approximately 70% of our business is now export and we supply blue-chip accounts including British Telecom, Airbus and Jaguar Landrover.
WhiteRock Capital Partners LLP has been established to respond to enquiries of the Fund by the consortium of three partners – Braveheart Investment Group, NEL Fund Managers and Clarendon Fund Managers, all of which are authorised and regulated by the FCA.
Senior Investment Manager at WhiteRock, Mark Canning said: “Over a the past four years Commercial Wipes has maintained strong revenue growth as a result of the management teams ongoing focus on both efficient importing of raw materials and value added activities to attract export demand.
This investment will further strengthen the scale and range of Commercial Wipe’s product portfolio and underpin their continued market penetration in the UK and Ireland.”
Companies seeking funding from the Growth Loan Fund must be based in Northern Ireland, demonstrating growth potential and generally be in the manufacturing, engineering or tradable service sectors. Loans will be typically unsecured and personal guarantees will not be sought. The loans provided are expected to be complimentary to existing sources of finance, including banks, trade finance sources and equity investors. Loans are provided on a fully commercial basis, with monthly loan repayments required over typically a five-year term.
For more information about the Growth Loan Fund’s criteria please contact or go to www.growthloanfund.com