February 2023 - Leading e-scooter specialist, Pure Electric, has received an increased Asset Based Lending (ABL) facility to the tune of £12.5m from Secure Trust Bank Commercial Finance, up from £10m in March 2022.
Established in 2018 by entrepreneur Adam Norris, Pure Electric's mission is to give every person living in an urban environment a better form of transport through its range of market-leading electric scooters.
The increased funds follow considerable demand for its products across the UK and Europe, and will be used to finance product development whilst providing additional working capital as it executes a renewed business strategy.
With Pure Electric developing its strategy to focus solely on e-scooters via its website and third party retailers, Secure Trust Bank was able to increase the flexible facility by £2.5m to support the business through the strategic change. This support also facilitates the company's sustainability initiatives to reduce environmental impact and encouraging the public to respond to the climate crisis by choosing greener transport methods.
Mike Piggott, head of Midlands and South West client management at Secure Trust Bank Commercial Finance, commented: "We have a close relationship with the team at Pure Electric and it has been great to see the business reach new heights over the last 10 months. We have been able to create a flexible finance facility that works to Pure Electric's needs, allowing us to increase funding as the company implements its renewed strategy."
Stephen Marshall, CFO at Pure Electric, said: "Pure Electric is continuing to make a significant positive impact on the planet, and we believe e-scooters are crucial to dramatically improving the lives of people living in cities across the world. With Secure Trust Bank's continued support in helping us grow, we're further able to enhance the lives of riders globally.."