£3m loan is a cool deal for city firm

Nick Nearchou, Elstat
Nick Nearchou, Elstat
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Elstat Ltd, the global refrigeration services company, has secured a £3m loan from Barclays to support the launch of a new solution to the commercial refrigeration market.

Based in Preston, Elstat has been creating technology for the commercial refrigeration market for over two decades.

The company designed and patented the world’s first learning energy management systems and solutions, which are fitted to more than six million coolers in 160 countries.

Elstat has now developed a new service solution called Nexo – a cutting-edge, Internet-of-Things solution which connects consumer behaviour in the retail environment directly to drink sales, using the latest proximity technology. Nexo provides in-store insights to help brands to maximise the return from their cooling asset base across all retail channels.

The support from Barclays will help drive sales of Nexo globally with new and existing clients. The loan is financed through a £200m debt fund focused on high growth companies. It was facilitated by the Barclays Corporate team including Richard Faulkner (TMT Relationship Director) & Rob Hession (Relationship Support Manager).

Elstat employs a global team of 40 
people across nine different countries.

Nick Nearchou, CEO of Elstat said: “We have developed a strong relationship with Barclays as we need a banking partner for the long-term, supportive of our business aims and ambitions.

“The team at Barclays shares our enthusiasm, understands our business and is keen to support our future growth plans as we expand both in the UK and abroad.”

Richard Faulkner, relationship director for TMT at Barclays Corporate added: “Elstat is a fascinating company to work with and I have thoroughly enjoyed building a strong partnership with the management team.”