Growing media supplier William Sinclair has secured an injection of working capital that will allow it to reinvigorate its brands and push forward with the development of its Ellesmere Port manufacturing site.
The company has raised £8.24m through the issue of secured redeemable convertible loan notes to institutional and other investors, the majority of whom are existing shareholders in the firm.
William Sinclair's ceo, Peter Rush, commented: "2014 will be the year William Sinclair begins to unlock its potential through the development of the Ellesmere Port site. It is very encouraging to see many of our shareholders demonstrate their support for the company's prospects and vision by becoming investors in these loan notes.
"This injection of new capital will allow William Sinclair to accelerate the development of Ellesmere Port and will support the re-positioning and re-launch of our brands in order to deliver our goals of greater efficiency, profitability and growth."
The company's products include composts, mulches and soil conditioners, along with plant foods and pest control lines under the J Arthur Bower's, New Horizon, Growing Success and Deadfast brands.
William Sinclair said its results for the year ended September 30 2013 should be in line with market expectations. They will be released later this month.