Cynergy Bank provides £2.5m of new funding to beauty product brand
Cynergy Bank provided a loan amount of £2.5m to Faith in Nature, an award-winning natural beauty products brand in Radcliffe, Manchester.
The loan will enable the company to develop new manufacturing and business premises, having outgrown their existing premises. The development of the new site provides space for future sales growth and more jobs. The larger property in the same area also means they can remain in Radcliffe and retain their existing, loyal workforce.
Faith in Nature started trading in 1974 in a cottage kitchen and initially made plant-based face creams and shampoos. They continue to sell shampoos, body washes and soap, offering an ethical and cruelty-free alternative. They advertise their products as Vegan, 100% recyclable and naturally fragranced as well as being made in the UK. They maintain a strong ethical ethos to the environment and are stocked in over 40 countries and growing.
The loan was structured with a 12-month interest only period followed by repayment profile.
John Allaway, managing director, Faith in Nature, commented; “We have been working with Cynergy Bank for a number of years and have found them understanding and collaborative during our challenging journey. It’s good to work with a bank with the same entrepreneurial mindset and with people who put in the extra effort to support the business at the critical pinch points. It feels like we are working in partnership with them.’’
Matt Cross, relationship director, added; “I am delighted to support Faith in Nature with loan funding for their new business premises. It was evident from my initial site visit that the business had outgrown their longstanding factory. The business continues to grow and it’s exciting to be involved in this environmentally focused enterprise. They aim to achieve BREEAM Outstanding on their new premises which is an impressive target. This considers energy efficiency and sustainably of the build to aim for top 1% within the country.”
