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.
Any savings in interest Findel makes will be donated to support community programmes and charitable causes.
Established in 1817, Findel now produces a range of more than 32,000 educational products aimed at educators and parents, shipping to the UK and overseas – exporting to 130 countries.
Chief executive of Findel Chris Mahady said, ‘In many respects, Findel has been an ESG-focused business since it was founded because of the dedication we have always had to education, care and helping children learn and develop.
‘The loan will ensure we further embed ESG at the heart of Findel, enable us to lead by example as a sustainable and responsible business in the markets we serve and invest in new products and services for the benefit of educators and parents worldwide.’
Chris Thomas, Santander’s director, structured finance, financial sponsors, added, ‘Findel is a leading player in the educational supplies market. We are delighted to provide funding to support this next important phase of its growth strategy which is the first sustainable linked lending facility to be provided by Santander UK's Financial Sponsors team.’
- To support early years providers to weave sustainable practice into their business and curriculum, Nursery World is holding a one-day conference on sustainability on 13 July. For more information click here
