Ulster Bank provides £32.5m financing to zero-emission bus manufacturer Wrightbus
Key Ideas
- Ulster Bank has agreed to provide £32.5 million in financing to support zero-emission bus manufacturer Wrightbus in achieving significant growth plans and decarbonizing transport fleets worldwide.
- The funding includes a revolving credit facility to help Wrightbus accelerate production and navigate the long build-cycle of buses, contributing to the company's goal of becoming a global mobility leader.
- With support from Ulster Bank, Wrightbus, rescued from administration in 2019, now employs over 2,300 people, produces 1,200 buses annually (95% of which are zero-emissions), and has secured a £150 million facility to fuel its growth.
- Wrightbus chief executive expressed gratitude for the bank's understanding of their needs and ambitions, emphasizing the positive impact on employment and economic benefit in Northern Ireland.
Ulster Bank has provided £32.5 million in financing to zero-emission bus manufacturer Wrightbus, based in Ballymena, United Kingdom. This funding aims to support the company's working capital requirements, assist in significant growth plans, and aid in the global decarbonization of transport fleets. The commitment from Ulster Bank is part of a larger £150 million facility to bolster Wrightbus's expansion and position it as a global leader in mobility. With the support of Ulster Bank, Wrightbus, under the ownership of entrepreneur Jo Bamford since its rescue from administration in 2019, has experienced substantial growth, employing more than 2,300 individuals and producing 1,200 buses annually, with 95% being zero-emission vehicles. The financing package includes a revolving credit facility to help Wrightbus navigate the long build-cycle of buses and accelerate production at its factories. Wrightbus's chief executive, Jean-Marc Gales, expressed the company's ambitions and satisfaction in building strong relationships in Northern Ireland. The collaboration with Ulster Bank signifies the ripple effect of Wrightbus's success, creating employment opportunities and economic benefits within the region. Damien Long, corporate banking relationship director at Ulster Bank, highlighted the importance of supporting Wrightbus in its global efforts to decarbonize public transport and contribute to employment and economic growth in Northern Ireland. The partnership aims to provide Wrightbus with flexibility to meet increasing demand, positioning the company to achieve its ambitious growth plans.