Sustainability Linked Revolving Credit Facility


New and expanded £150m revolving credit facility with rates linked to delivery of Group’s sustainability targets

Volution Group plc (“Volution” or “the Group” or “the Company”, LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, is pleased to announce the signing of a £150 million multi-currency “Sustainability Linked Revolving Credit Facility” plus £30 million accordion facility (“Facility”).

The Facility, which replaces the Group’s previous £120 million revolving credit facility, runs for three years to December 2023 with an option to extend for up to two additional years with the agreement of the four participant banks. Financial covenants relating to leverage (below 3.0x excluding leases) and interest cover (greater than or equal to 4.0x) remain consistent with our previous facility.

The Facility, which is aligned with the Loan Market Association “Sustainability Linked Loan Principles”, incorporates two sustainability performance targets which are central to Volution’s strategy of providing products and solutions which deliver “Healthy air, sustainably”:

  • Percentage of sales revenue from low-carbon products (2025 target: 70%, 2020 actual: 59%); and
  • Percentage of plastic processed in owned factories from recycled sources (2025 target: 90%, 2020 actual: 56%).

Successful achievement of the annual targets, which are also disclosed in the Group’s 2020 Annual Report and Accounts, results in the earning of a discount on margin which would then be used by Volution to invest in its sustainability initiatives and programmes. The Facility is provided by four lenders; HSBC UK (also acting as agent), Royal Bank of Scotland, Danske Bank and Bank of Ireland. 

Andy O’Brien, Chief Financial Officer commented:

“Incorporating sustainability principles and performance targets into our financing facilities is a further example of Volution’s commitment to sustainability and demonstrates how it is embedded in all aspects of our business. I am delighted that this new facility, coupled with our continuing excellent cash generation, will also provide good headroom in support of the Group’s strategic focus on acquisitions”.

Following on from the positive trends seen in August and September and referred to in our preliminary results announcement of 8th October, we have seen a continuation of strong organic growth and margin performance through October and November. A more comprehensive trading update will be provided on the day of our Annual General Meeting on 11th December 2020. 


For further information: 

Volution Group plc


Ronnie George, Chief Executive Officer

+44 (0) 1293 441501

Andy O’Brien, Chief Financial Officer      

+44 (0) 1293 441536

Tulchan Communications

+44 (0) 207 353 4200

James Macey White


David Allchurch


Giles Kernick


Legal Entity Identifier: 213800EPT84EQCDHO768.


Note to Editors:

Volution Group plc (LSE: FAN) is a leading international designer and manufacturer of energy efficient indoor air quality solutions. 

Volution Group comprises 16 key brands across three regions:

UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.

Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair.

Australasia: Simx, Ventair.


For more information, please go to: