Bicester surface coating manufacturer secures almost £1 million in new financing

Advanced surface coating technology company, Hardide Coatings, which recently moved into a new 20,000 sq. ft. site in Bicester, has successfully raised £790,000 through share placing.

Combined with with its securing £250,000 under the Coronavirus Business Interruption Loan Scheme (CBILS), the company has raised net new financing of approximately £1 million.

Robert Goddard, Chairman of Hardide, said: "We are delighted to receive additional support from investors as the Group takes the prudent measure to increase its cash reserves. As the global economy recovers, the Group retains its positive outlook and expectation that demand will return and continue on the upward trajectory that was established before the effects of the pandemic. It is a mark of our confidence that the Board have contributed to the fundraise."

In the announcement of Hardide's preliminary results for the year ended 30 September 2020 (announced on 7 December 2020) the Board set out a cautious outlook to the current financial year as the uncertainty of COVID-19 continues to impact on its customers' visibility for their own businesses. This caution was set against a confidence that, as the global economy recovers, volume demand will return and continue on the previous upward trajectory. This belief was supported by market forecasts indicating a good recovery in oil demand and production in the course of 2021.