Close Brothers Asset Finance Restructures Transcend Agreements to Enable Production of Protective Face Shields
LONDON, UK / AGILITYPR.NEWS / April 30, 2020 / Close Brothers Asset Finance has restructured the finance agreements of Transcend Packaging, enabling the sustainable packaging manufacturer to mass produce face shields for the NHS.
Having achieved the CE mark for Covid-19 protection, Transcend will be ramping up production, working toward a target of a million face shields per week and scaling that to nearly two million per week as demand increases.
The face shields - designed for single-use and to provide protection from airborne liquid particles - are currently being trialled in hospitals across Wales, setting the stage for broader deployment within the NHS.
“While these are unprecedented times, our support for our customers remains undimmed,” said Paul Philbrick, Sales Director at Close Brothers Asset Finance’s print division. “When Transcend reached out to us to see if we could re-structure their agreements to free up headroom and allow them to manage cashflow during the current pandemic, we didn’t hesitate.
Jordan Pocock, Relationship Manager, added: “Doing this gave Transcend the peace of mind they needed, knowing they could manage overheads for the foreseeable future while also exploring alternative routes to market.
“We’re confident, with the continued support of Close Brothers Asset Finance, Transcend will successfully trade through what is an uncertain time and will operate at full capacity when everything returns to normal.
“We’re incredibly proud to support a solution-driven business that is working to actively combat the Covid-19 crisis.”
Lorenzo Angelucci, Managing Director, Transcend Packaging: “We’ve been aware of the national challenge of sourcing PPE, so as a packaging manufacturer we challenged ourselves to see what we could do to help in this fight. We’re delighted to have designed, produced and received regulatory approval for a face shield that can be produced quickly and in large quantities, providing affordable protection from airborne liquid particles. These face shields will help provide Covid-19 protection across Wales for front line care providers, shopkeepers, care home workers, retail employees and restaurant staff.
“The strength of our solution is in its simplicity. Our face shields are easy to use, inexpensive and designed for single use, eliminating the cumbersome process of cleaning the shields safely. Our goal is to get as many shields in the hands of Key Workers as possible and we should be able to produce between 1 and 2 million face shields per week as long as the need persists.
“I’d like to thank our finance partner, Close Brothers Asset Finance, for moving so quickly to restructure our agreements and free up the cashflow we needed.”
Key facts about the face shield:
- Our face shield is designed to be light, simple to use, disposable and inexpensive, providing an extra layer of protection for workers looking to slow the spread of Covid-19
- There are multiple versions of the face shield available including printed, unprinted and ‘plastic free’ options to meet the unique needs of front-line staff and businesses
- It is one of the least expensive options available in the UK for CE registered face shield protection against the spread of Covid-19
- In addition to Wales, the face shields are either being tested or deployed in health systems in the UK, Greece, Italy, Japan, and Ireland
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About Us
Close Brothers Asset Finance
Close Brothers Asset Finance offers a range of flexible funding options including hire purchase, leasing and refinancing.
Close Brothers Asset Finance is a member of the Close Brothers Group.
Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services, and securities trading. We employ 2,900 people, principally in the UK. Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.
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Transcend Packaging Ltd.
Transcend Packaging was established in 2017 to provide sustainable packaging solutions to customers in the food service, food & beverage and health & beauty industries. The company has a manufacturing facility in South Wales that began production in 2018, and is the first major producer of paper straws in the United Kingdom.
The company has an experienced leadership team, amassing over 150 years in the packaging industry, and has secured support from the Welsh Government.
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