Nursery World - Educational resources supplier secures £18m sustainability linked loan

Findel has secured a sustainability-linked loan of £18m to help grow its business by committing to reducing its carbon footprint and no longer using single-use plastic.

Findel has secured funding from Santander with the loan interest rated based upon the company meeting environmental targets

Findel, which includes Hope Education, is believed to be the first UK education supplies company to have secured a sustainability-linked loan from Santander UK.

The Greater-Manchester based company, which is backed by private equity firm Endless, had to make specific annual commitments regarding its environmental, social and governance (ESG) commitments to be awarded the funding, these included improving its carbon footprint and making its products sustainable, or sustainably improved, with a focus on removing single-use plastics.

Findel has also committed to supporting an increased number of its employees to engage in charity or community activities.

The company’s performance against its annual commitments will affect the rate of interest it pays back on the six-year loan. Its progress on hitting its ESG targets will be independently monitored by a third-party sustainability-linked loan assurance provider.

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