The company had experienced an accident at the plant and was shut by the regulators.
With the help from the lender, the business was revived with an original bridging loan of £3.25m — which was secured against an anaerobic digestor valued at £22m — and three other properties in October 2018.
It then lent a further £200,000 in April 2019.
The funding provided the company with liquidity and the ability to restructure.
As a result, it has been offered a substantial facility by a private equity investor, which enabled it to repay the loan tranche and give it the equity to expand.
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The blended rate of both loans was 2% per month for just over 20 months, with the initial term serviced, but then agreed to roll up.
The whole loan was a second charge behind HSBC, at a LTV of under 40%.
Rudy Metta, director at Rockbridge Capital Limited, said the lender was pleased to confirm that it has been repaid on one of the most complex, specialist loans it has done.
“The term was longer than initially anticipated due to unexpected hurdles but, with our input, we’ve managed to strengthen their valuation.
“As a result, it has been our best-performing loan.
“We are pleased the biogas business has now refinanced long term with a debt/equity partner.”