UK soft drinks company Britvic has secured a credit facility of up to £400m for its sustainability goals.
Co-ordinated by Dutch multinational bank Rabobank, the five-year facility has been provided by a group consisting of seven lenders.
The facility can be extended by an extra two years and is subject to the progress Britvic makes on its sustainability targets.
Depending on Britvic’s performance, the facility’s margin will reduce.
Britvic sustainability director Sarah Webster said: “This financing agreement is part of our commitment to embed sustainability at the heart of our business and drive real behaviour change.
“We have made progress against our sustainability ambitions. However, there is more to do and this is a significant commercial milestone in our journey. By linking financing to our goals, we can ensure that every penny we invest is done so with our sustainability targets in mind.”
The company’s initial sustainability targets include making 50% of all plastic bottles in the UK and Ireland from recycled plastic (rPET), reduction in carbon emissions by 50% compared to 2017 and making 75% of its drinks with either low or no sugar.
Under its sustainable business strategy, Britvic has committed to achieving the targets by 2025.
Britvic, a founding signatory of The UK Plastics Pact in 2018, aims to transform the plastic packaging system in the UK.
The company’s plastic bottles, glass bottles and cans are already 100% recyclable.
In November 2019, Britvic entered a long-term recycled plastic supply (rPET) agreement with injection moulded polyethene terephthalate (PET) preforms producer Esterform Packaging.