Aldermore bank has provided an invoice finance facility to Fluid Science, a water treatment supplier based in Knowsley, near Liverpool.
Founded in 2016, Fluid Science primarily supplies purified, deionised and demineralised water to dental surgeries, pharmaceutical manufacturers and test laboratories.
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In March 2020, with the onset of the Covid-19 pandemic, Fluid Science wanted to diversify its business and use its expertise to produce hand sanitiser for local communities. While the business had the technology and capacity to produce disinfectant, it lacked the required cash flow to purchase the raw materials and storage containers needed.
Once the new finance facility was in place, Fluid Science was able to purchase the necessary materials and start producing hand sanitiser and anti-viral surface disinfectant.
The company now supplies its products to public sector organisations including many local councils, the NHS and the Ministry of Defence.
Tariq Bourdouane, business development manager at Aldermore, said: “We’re delighted to have been able to pull out all the stops to make sure Fluid Science had the finance they needed during these challenging times. It was an exceptionally quick two-week deal in extraordinary circumstances.”
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By GlobalDataSimon Taylor, general manager at Fluid Science, said: “Aldermore impressed me greatly with both the speed in which they took up the challenge, and the intensity they brought to the process. We received the finance on time and when it was required which allowed us to meet our obligations to suppliers and build their confidence in us.”
Aldermore was founded in 2009 as a specialist provider of finance to SMEs.
The bank describes itself as offering “simple financial products and solutions to meet the needs of homeowners, landlords, savers and small and medium-sized enterprises.”
In March 2018, Aldermore officially became part of FirstRand Group, one of South Africa’s largest financial services institutions. FirstRand Group also includes MotoNovo, and in May 2019, the company completed the integration of MotoNovo into Aldermore Group.
