Praetura Commercial Finance has delivered a multi-million-pound asset-based lending facility to Contract Candles & Diffusers, a British manufacturer of home fragrance products.
According to a press release, the bespoke funding will provide the headroom the business needs to accelerate strategic growth, boost innovation and expand manufacturing capacity.
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Founded in 1997 and operating from the South Downs National Park, Contract Candles & Diffusers produces hand-poured candles and diffusers for luxury brands.
“Supporting British manufacturing is vital to driving local, sustainable economic growth,” said Nick Salmons, Sales Director at Praetura Commercial Finance, who led the deal. “It was a pleasure to structure a flexible, multi-product facility that aligns with the team’s long-term vision and gives them the tools to continue growing in a competitive, global market.”
With a 250-strong workforce across Fernhurst and Chichester, Contract Candles & Diffusers is now focused on scaling its operations and staying ahead of growing demand through investment in its next phase of manufacturing development, the press release said.
Richard Grieveson, Managing Director, described the partnership with Praetura as “both collaborative and commercial,” adding: “Their ability to make decisions at pace has meant we haven’t had to wait weeks for approvals, which has made a real difference.”
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By GlobalDataHe continued: “This facility not only allows us to release equity tied up in our fixed assets, but it also gives us the financial flexibility we need to continue leading the industry in sustainable production and innovation.”
The deal was introduced by David Mathieson, Director at BTG Advisory. Legal advice was provided by Squire Patton Boggs for Praetura and Ward Hadaway for Contract Candles & Diffusers.
