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In 2022, CVC’s capital markets team proposed the negotiation of an ESG margin ratchet with Rayner’s lenders to create a direct financial incentive for demonstrating progress on material ESG topics.

The margin ratchet amendment established a mechanism whereby an improvement in Rayner’s EcoVadis ESG score would result in a reduction in the applicable interest rate. Notably, Rayner’s efforts in the first year of the loan resulted in a sufficient improvement of its ESG score to receive an EcoVadis Silver medal and trigger a saving on the applicable margin.


With all the organisation thinking about the benefits of ESG, we have created a band of advocates who promote ESG improvements throughout the business

Geoff Allan Chief Financial Officer

Rayner remains committed to further enhancing its rating year on year. This commitment entails prioritising sustainability across its operations and considering ESG impacts throughout its business and notably in its supply chain. Rayner has proactively embraced sustainable practices by focusing on improving energy efficiency, GHG emissions reductions and efficient water usage. CVC has also provided grant funding to Rayner to develop a new solution to reduce plastic usage in packaging.