Close Brothers restructuring supports face shield production for NHS

Close Brothers said the restructuring of a finance agreement with Transcend Packaging will enable the south Wales-based manufacturer to address the national short-fall in personal protective equipment experienced as a result of the coronavirus outbreak.

Having achieved the CE mark for Covid-19 protection, Transcend Packaging said it would be ramping up production, working toward a target of a million face shields a week and scaling that to nearly two million per week as demand increases.

The face shields – designed for single-use and to provide protection from airborne liquid particles – are currently being trialled in hospitals across Wales, setting the stage for broader deployment within the NHS.

The terms of the deal have not been disclosed.

Paul Philbrick, sales director at Close Brothers Asset Finance’s print division: “When Transcend reached out to us to see if we could restructure their agreements to free up headroom and allow them to manage cash flow during the current pandemic, we didn’t hesitate.”

Jordan Pocock, relationship manager at Close Brothers, added: “Doing this gave Transcend the peace of mind they needed, knowing they could manage overheads for the foreseeable future while also exploring alternative routes to market.

“We’re confident, with the continued support of Close Brothers Asset Finance, Transcend will successfully trade through what is an uncertain time and will operate at full capacity when everything returns to normal.

“We’re incredibly proud to support a solution-driven business that is working to actively combat the Covid-19 crisis.”

Lorenzo Angelucci, managing director of Transcend Packaging, said: “We’ve been aware of the national challenge of sourcing PPE, so as a packaging manufacturer we challenged ourselves to see what we could do to help in this fight.”

Angelucci said the company had designed, produced and received regulatory approval “for a face shield that can be produced quickly and in large quantities, providing affordable protection from airborne liquid particles.”

“These face shields will help provide Covid-19 protection across Wales for front line care providers, shopkeepers, care home workers, retail employees and restaurant staff.”

He added: “The strength of our solution is in its simplicity. Our face shields are easy to use, inexpensive and designed for single-use, eliminating the cumbersome process of cleaning the shields safely.

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