Client stories

Supporting Eurocell to produce sustainable building materials

One team, driving innovative solutions

Eurocell plc, founded in 1974, is a leading manufacturer, recycler and distributor of innovative window, door and roofline PVC products. Headquartered in Derbyshire, the company operates a nationwide network of more than 219 branches, supplying a range of PVC-U roofline, conservatory roof, window trim and door products, as well as the fixings, sealants and tools required for building plastics projects.

Through its two market-leading recycling plants, Eurocell recycles both old windows and factory offcuts to produce recycled material which is then used to generate brand new extruded products.

Sustainability is at the heart of Eurocell’s business strategy, with the company committed to reducing and reusing PVC waste wherever possible, while continually developing innovative, sustainably-sourced products from recycled materials. 

NatWest takes joint-top tier ticket in sustainability-linked RCF

Looking to refinance its £75 million sustainability-linked Revolving Credit Facility (RCF), Eurocell approached NatWest to support in the role of Facility and Security Agent.

Working closely with Eurocell and the club banking group, we delivered the refinancing package within a short timeframe, that allowed Eurocell to announce the deal at its Annual General Meeting in May.

NatWest also took a joint-top tier hold in the facility, which matures in 2026 (with an option to extend for an additional year).

Briefly explained: The concept of ‘sustainability-linked’

Sustainability-linked products are most prevalent in the sustainable debt markets, such as sustainability-linked bonds or loans. The cornerstone of a sustainability-linked product is that the product’s financial and/or structural characteristics can vary depending on whether or not the selected Key Performance Indicators (KPIs) reach the predefined Sustainability Performance Targets (SPTs).

By linking the achievement of sustainability targets to a financial incentive – such as a rebate, or a punitive measure – such as an added fee, the users of sustainability-linked financial products are explicitly committing to future improvements in sustainability outcomes within a predefined timeline. Eurocell’s RCF is linked to annual recycling, emissions, and waste reduction targets. 

Like-minded partners in sustainability

Paul Mitchell, Corporate & Commercial Coverage, NatWest, said: “This transaction is also an example of teams within NatWest coming together to deliver the best outcome for our customer, and to achieve this swiftly.”

Michael Scott, Eurocell, commented: “We are very excited to have secured the refinancing of our sustainability-linked credit facility, and we are very pleased to have found a like-minded banking partner in NatWest, who share our commitment to sustainability.”


The information provided in this article has been prepared by National Westminster Bank Plc (NatWest) for information purposes only and is subject to change from time to time. The information and views expressed should not be treated as advice or a recommendation of any kind. NatWest makes no representation, warranty, undertaking or assurance of any kind (express or implied) with respect to the adequacy, accuracy, completeness, or reasonableness of the information provided and disclaims all liability for any use you, your affiliates, connected companies, employees, or your advisers make of it. NatWest accepts no liability whatsoever for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

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