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Birmingham Post
Birmingham Post
Jon Robinson

Original Source, Carex and Imperial Leather owner makes £325m climate commitment

The owner of brands such as Original Source, Carex and Imperial Leather has made a £325m deal linked to improving its sustainability.

Manchester-headquartered PZ Cussons has agreed a new committed credit facility with a syndicate of lenders linked to certain climate goals.

They include achieving B Corp certification, a reduction in virgin plastic packaging and cut down on its carbon emissions.

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The credit facility has maturity dates of up to November 2028 and replaces the existing £325m deal which was due to expire in November 2023.

Chief financial officer Sarah Pollard said: "We are delighted to announce this refinancing, demonstrating our commitment to embed our sustainability framework into all parts of our business, while achieving attractive commercial terms.

"We are grateful for the support of our lending syndicate in this highly innovative facility."

The company is aiming to achieve B Corp certification across all its business units by 2026 and reach net zero emissions by 2045, with carbon neutrality in operations by 2025.

It also wants to make a one third reduction in virgin plastics by 2030 and ensure packaging is 100% recyclable, refillable or compostable by 2030.

The group's guidance of FY23 net interest charge of £4m is unchanged as a result of the refinancing.

The new credit facility was arranged by BNP Paribas and Lloyds Bank plc.


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