Preston-based refrigeration business Elstat Ltd drives new tech with £3m funding

Lancashire-based refrigeration services company Elstat Ltd has secured a seven-figure loan from Barclays.

The £3m funding will allow the Preston firm to launch Nexo, a new Internet-of-Things (IoT) solution for the commercial refrigeration market that connects consumer behaviour in the retail environment to drink sales via proximity technology.

By providing in-store insights, Elstat wants to help companies increase returns from their cooling asset base across all retail channels.

The firm is confident the Barclays support will boost Nexo sales globally with both new and existing clients.

Financed through a £200m debt fund focused on high-growth companies, the loan was facilitated by the Barclays Corporate team, including TMT relationship director Richard Faulkner and relationship support manager Rob Hession.

Elstat CEO Nick Nearchou said: “We have developed a strong relationship with Barclays as we need a banking partner for the long-term, supportive of our business aims and ambitions.

“The team at Barclays shares our enthusiasm, understands our business and is keen to support our future growth plans as we expand both in the UK and abroad.”

Barclays’ Richard Faulkner commented: “Elstat is a fascinating company to work with and I have thoroughly enjoyed building a strong partnership with the management team over the last few months.

“A strong management team coupled with the energy and passion of all the staff has enabled them to achieve impressive growth in a short space of time.”

He added: “Like Barclays, Elstat is a pioneer in its sector and innovation is part of the DNA of the business - I look forward to seeing the business grow in the months and years ahead.”

Elstat was established more two decades ago. Today, its learning energy management systems are fitted to over 6m coolers worldwide.

The firm employs a global team of 40 staff across nine countries.