HSBC has provided a £2.4m funding package to Gilbert's Foods, a food supplier based in Lancashire, UK, in order to help the company expand its export business.
The funding package, which includes £2m invoice finance line and a £400,000 import finance facility, will provide the company with a working capital to expand its export business and increase the volume of its meat imports.
The company, which provides supplies meat and poultry dishes to the wholesale, food service and retail sectors, unveiled its first facility in Australia earlier this year to strengthen exports to the country. It is also seeking to ship products to Europe, India and China.
The package will support the company's plans to boost its £10m turnover. The finance package was arranged through HSBC's Lancashire Commercial Team in a deal headed by senior international commercial manager Chris Mackenzie and senior business development Manager David Taylor.
Gilbert's Foods managing director Peter Smith said that as the company imports a lot of meat, the
invoice finance element of the finance will help the business as currently a lot of the stock is on the water and arrives in clusters, which ties up working capital and causes cash flow issues.
"The new facility gives us the headroom to increase imports but also frees up working capital to expand the business elsewhere," Smith added.
HSBC Lancashire area commercial director Leigh Briggs said that the facility covers the company's complete business cycle and will help towards its growth plans, benefiting both the local and wider UK economy.
Gilbert's Foods is a family business that was founded by Gilbert Smith in 1970. The company specialises in manufacturing pasteurised meat products which are designed for re-heating via microwave, oven, boil-in-the-bag, grill or rotisserie, and employs 65 people.
