Paragon supports Hampshire based adhesive specialists
Paragon Bank, the specialist finance provider, is supporting Hampshire-based AdCo UK tackle coronavirus and maintain local jobs, providing a £60k funding package to enable the company to shift production to produce alcohol hand gel.
With a turnover of £1.8m, AdCo UK Ltd is one of the UK’s leading specialist adhesive manufacturers. As coronavirus cases spread, the company quickly moved to begin production of ‘HydraCure alcohol hand gel’ to help with the fight against coronavirus and serve customers in need, including local authorities and care homes.
The demand for the hand gel was so strong that investment in new mixing equipment was needed.
Rapidly changing production also enabled the company to maintain its 14-strong workforce without the need to furlough any employees. The funding package was used by the company to purchase raw materials to manufacture the hand gel and the company is now producing 5,000 bottles per day.
Stuart Climpson, director at AdCo UK Ltd, said: “Due to a shortage of raw materials – primarily alcohols – prices increased from around £2,000 per tonne to almost £10,000 per tonne and suppliers required payment in advance, so the support from Paragon was much needed.
“The support has enabled AdCo to help those in need and the funding has also assisted us in sustaining staffing levels without the need for furloughing. It’s always a pleasure to work with the Paragon team. They are efficient, friendly and knowledgeable and they provide the right support for their client’s needs.”
Adrian Taylor, head of invoice finance at Paragon, said: “Paragon is focused upon delivering a personal and flexible service to its invoice finance clients. Adapting funding lines to suit individual client needs is fundamental to our outlook. We are delighted to support AdCo in their evolution, particularly in the supply of these critical products.”
