Meat products firm Gilbert's Foods plans to invest millions in its supply chain after securing £2.4M worth of finance from HSBC.
Gilbert's Foods supplies products designed for re-heating via microwave, oven, boil-in-the-bag, grill or rotisserie
The Lancashire-based family firm, which supplies pasteurised meat products to retailers, caterers and food manufacturers, said the cash would enable it to accelerate export expansion and increase the volume of meat imports.
The company, which grew its turnover from £6M to £10M in 2012 and employs 65 people, announced in March it had opened its first facility in Australia to support exports to the country. It also plans to expand exports across Europe, China and India.
Md Peter Smith said the loan would enable it to improve cash flow. "We import a lot of our meat so the invoice finance element will help as a lot of our stock is on the water and arrives in clusters, which ties up working capital and causes cash flow issues."
'Benefiting UK economy'
Leigh Briggs, HSBC Lancashire area commercial director, said: "The facility covers the company's complete business cycle and will help towards its growth plans, benefiting both the local and wider UK economy."
The bank loan comprises a 2M invoice finance line and a £400,000 import finance facility for Gilbert's Foods, which is based in Heysham, Lancashire and was founded by Gilbert Smith in 1970.
Gilbert's Foods' products are designed for re-heating via microwave, oven, boil-in-the-bag, grill or rotisserie.
The company handles frozen, chilled or ambient foods, with individually quick frozen capability and cooks, dices or minces lamb, beef and pork. Ranges include lamb shanks in a redcurrant and mint gravy and a selection of deli ham, beef topside, pork and pastrami.
