Straight plc, the environmental products and services group, has announced a three-year refinancing agreement, a year after reporting significant losses.
The company says the new arrangements will expand working capital facilities to pay for future growth.
Chief executive Jonathan Straight said the facility “provides a firm base upon which the group can build. We look forward to further updating the market at the preliminary results”.
A year ago, Straight has said he expected his firm to return to profitability after reporting a loss of £790,000 in 2011.
The Yorkshire firm, which makes and sells plastic recycling containers for councils, trade and consumers, said at the time it had a “difficult year” in 2011 with revenue down 9% to £27.9m. The loss came after a profit of £1.4m in 2010.
Founded in 1993, Straight operates through two divisions, a bulk supplier of products to local authorities, utilities and others and a retail business offering a range of environmentally friendly consumer products directly to the public.
Almost two-thirds of group products are now made in Straight’s own factory.
In May, Straight secured a position on a new four-year framework agreement with YPO, the largest public sector buying organisation in the UK, to supply a range of plastic wheeled bins from 140 to 1100 litre capacity.
- Straight plc is a founder member of the Social Stock Exchange, which has been launched by the Prime Minister and has been set up to connect the public financial markets with social impact investment.