London, 19 January 2022: Beringea today announces that Proven Legacy has provided a debt facility of £500,000 to Cryotanks Limited, a company based in Northern Ireland that supplies cryogenic storage vessels and cryogenic liquid, including delivery and rental. The new facility will enable the continued development of the Company and further customer growth.
Cryotanks Limited specialises in the rental, supply, installation, inspection and maintenance of cryogenic vessels, vaporisers and all associated equipment throughout the UK and Ireland.
The funding provided by ProVen Legacy will be used to expand the development of the Company and develop their customer offering.
Andrew Webster, Investment Director at Beringea LLP, the Lending Adviser to ProVen Legacy, commented: “We have been in touch with a number of contacts in Northern Ireland, so it is particularly pleasing to report our first facility with a company based there. Our facility will be important in further developing Cryotanks customer offering.”.
ProVen Legacy was set up by Beringea in 2017 to help investors mitigate inheritance tax using Business Property Relief, an incentive established by the UK government to encourage investment into trading businesses. Investors in ProVen Legacy will benefit from up to 100 percent inheritance tax relief on the value of their shares, provided that they have been held for at least two years at the time of death. Investments will be used to support growing companies across a range of industries as they enter the later stages of their scaling journeys, offering loans of up to £5 million.
