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Kilfrost secures seven-figure finance package from Allied Irish Bank (GB)


May 29, 2019 #AIB, #Business

One of RG’s (Ryecroft Glenton) long-standing clients, Kilfrost has secured a seven-figure funding package from Allied Irish Bank (GB) to support the continued international expansion of the North East-based manufacturer.

Haltwhistle-based Kilfrost produces specialist de-icing fluids for the global aviation, ground and rail sectors as well as heat transfer fluids for use across multiple industries. Kilfrost has secured the seven-figure package from AIB (GB)’s North East team to build upon its success.

The additional working capital facilities secured as part of the refinancing will support the company’s production and growth opportunities in international markets.

It also supports the investments made in its production capabilities and headquarters, along with the development of its management team, which includes the recent appointment of its Chief Financial Officer, Ross Elgie.

Kilfrost’s new relationship with AIB (GB) was initiated by RG. The Newcastle-based advisory firm has provided Kilfrost with tax and audit services for several years, bringing in the expertise from its corporate finance service line to assist with the refinancing project, including the introduction to potential funders, AIB (GB) included.

Ross Elgie, Chief Financial Officer at Kilfrost, said: “As a global leader in intelligent fluids for eight decades, Kilfrost has established a strong international reputation, which we are keen to build upon through the strength of our products, our dedication to customer support and our focus around continuous product innovation.

“Working with Allied Irish Bank will enable the business to further scale its operations as we look to exploit new international markets and increase our presence in existing territories.”

Chris Dixon, North East Relationship Director, AIB (GB), said: “Kilfrost is one of the North East’s most established and successful businesses. We were delighted to have the opportunity to work with the company and its management team following the introduction from Carl Swansbury and the team at RG.

“Kilfrost demonstrates the innovative, manufacturing excellence that exists in the region that is held in high regard across the world and strengthens the North East’s position as an export success story.”

By AndrewD