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Barclays changes refinanced overdraft facility to receivables-linked structure for ESL Fuels.

BANKING AND CREDIT NEWS-December 5, 2013-Barclays changes refinanced overdraft facility to receivables-linked structure for ESL Fuels

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British banking organisation Barclays on Wednesday announced that ESL Fuels has refinanced its previous overdraft facility with the bank to a receivables-linked structure.

The new structure is expected to enhance the working capital to GBP5m to support the growth of the Cheshire based fuel specialist.

ESL Fuels' main hub is based at Stanlow in Cheshire, having purchased and upgraded the former BP Castrol site last year, ESL Fuels also supplies depots around the UK. The company employees approximately 30 people and has reportedly experienced strong growth in recent years, growing from GBP43m of turnover in 2010/2011 to GBP72m in 2012/2013.

The enhanced facility was arranged by the North West Corporate Banking team at Barclays which involved Paul Devenport, relationship director and Neil Dobson, trade and working capital director.

(USD1 = GBP0.61)

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 5, 2013
Words:168
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