Spalding, Lincolnshire, UK: FreshLinc has agreed a £6m finance package with HSBC’s Corporate Banking Team in the Midlands.
FreshLinc intends to use an invoice discounting facility to provide working capital for expansion, while term loan facilities will be ploughed into improvement of its premises.
The company, which operates alongside sister company Lincolnshire Field Products, specialises in chilled food distribution.
The deal was led by global relationship manager John Barker and Graham Hay of HSBC Invoice Finance.
Maurice Heath, HSBC head of corporate banking in the Midlands, said: “We are delighted to start this new relationship with one of the UK’s leading specialist support businesses to the agri-food sector.
“This facility will ensure FreshLinc is well structured to drive growth in both domestic and international markets and to continue to innovate in their sector.”
Aubrey Day, finance director of FreshLinc, said: “The working capital that the new package has provided will allow us to continue our ambitious growth plans.
Aubrey Day, finance director of FreshLinc, said: "The working capital that the new package has provided will allow us to continue our ambitious growth plans
“This new relationship will enable us to work swiftly and flexibly towards our strategic goals and we look forward to working with HSBC’s experts in both the agrifood and invoice finance arenas to drive maximum value for our business.”
FreshLinc was set up in 1990s, has 160 refrigerated vehicles, employs more than 250 people and has turnover of £40m.
