Ulster Bank has agreed £32.5million of financing for zero-emission bus manufacturer Wrightbus that is intended to support the company’s working capital requirements and assist it in achieving significant growth plans as it prepares to ramp up production and decarbonise transport fleets worldwide.
The commitment is part of an overall £150m facility that Wrightbus has agreed to support its growth, and underlines its ambitions to become a global mobility leader, with sales from Ballymena to Brisbane.
Rescued from administration in 2019 by entrepreneur Jo Bamford, Wrightbus now employs more than 2,300 people and produces 1,200 buses per year – 95% of which are zero-emissions.
Ulster Bank’s funding features a revolving credit facility (RCF), a flexible business facility that allows companies to borrow, repay, and borrow again up to a predetermined credit limit.
The package supports the long build-cycle of buses, enabling Wrightbus to accelerate production at its factories.
Damien Long, corporate banking relationship director at Ulster Bank, said: “Ulster Bank is very pleased to support Wrightbus as it leads the way in decarbonising public transport globally and in doing so, creating employment and economic benefit in Northern Ireland. This is an important facility for the company that will provide it with the flexibility to ramp up production to meet demand and will help put it in a strong position to deliver on its ambitious growth plans.”
Jean-Marc Gales, CEO of Wrightbus, said the company had big ambitions and was delighted to build further relationships in Northern Ireland. “We are particularly proud that our 2,300-strong workforce generates a further 7,500 jobs in the supply chain, but this arrangement with Ulster Bank proves that the ripple effect of our success is also felt right here in Northern Ireland.
“To have a bank on our doorstep which understands our needs, our ambitions and our culture is vital in our push for growth.”
George Saunders, Director of Capital Markets at asset management firm HYCAP which structured the deal, said: “We are delighted to welcome Ulster Bank to the Wrightbus bank syndicate and look forward to exploring further opportunities to work with Ulster Bank and the wider NatWest Group across the HYCAP portfolio in the future”.