Cowgills secures funding for oil spill clean-up firm
Cowgills’ business funding team has secured just over £2m of finance for RAW Technology Limited, one of the leading specialists in inland oil spill response and remediation.
With 18 locations nationwide, RAW will use the funding to expand its business and invest in its operations in the UK and Ireland.
Commenting on the deal, Cowgills business funding director Ben Day said: “We approached a number of different lenders as the nature of RAW’s business is complex and not one which lends itself to straight-forward solutions.
“The business was under immediate cash pressure due to constraints put in place by their previous lender. We initially set up a supply chain finance facility for £300,000 in August 2018 that could run alongside their existing facilities. With this short term support in place we were then able to approach other lenders to find the right long term solution, which was no easy task. Dutch bank ABN AMRO which is more open to looking at different kinds of deals took time to fully understand the requirements of the business and we were able to secure £1.75m of funding, topped up by the Enterprise Finance Guarantee scheme.”
He continues: “It’s about knowing which lender to go to and as Cowgills doesn’t have a specific panel of lenders we can find the best solution to meet the needs of each individual business.”
Neil Stothert of RAW added: “This injection of capital will enable us to invest in growing our team of specialists who are based in the UK and beyond. It streamlines our debt management so we are freed up from a lot of the previous administration we were undertaking. It provides us with the security and support to continue to evolve our business and expand our services in the UK and worldwide.”
RAW is an award-winning spill response specialist and remediation contractor, specialising in recent and historical contamination issues that impact soils, water and building structures. Clients include all the major insurers and both the private and public sector. A recent rapid response from RAW to a diesel spill prevented thousands of litres from impacting a drinking water reservoir and in turn protected a vital resource for many homes and businesses.
Cowgills business funding teams have together transacted over £100m of finance deals in the last year. The firm, which provides business and accountancy advice to SME clients across the north west from its bases in Bolton and Manchester, is advising companies on funding at all stages of business growth.
The information was correct at time of publishing but may now be out of date.