Donald Russell secures expansion finance
Donald Russell, the Inverurie-based meat processor and butcher, has secured a £5.2m loan to expand the e-commerce side of the business.
Lloyds Bank Corporate Markets, part of the wholesale division of Lloyds Banking Group, provided the loan facility and Russell’s new “fulfilment” facility is expected to open next month.
The company, which employs 190 staff and has an annual turnover of £25m, expects the new facilities will create further job opportunities in the area.
The move follows reports that the business, which carries the Royal warrant as suppliers of meat and poultry to the Queen, had been touted for sale. It was understood to have appointed Cavendish Corporate Finance to look for possible investors.
Ian Morrison, business development director at Donald Russell said: “There is huge potential for growth in this sector and our current facilities are literally bursting at the seams. The Kintore development will allow us to meet the demands of our present customers and also provide the same high level of service to new customers, too. We are famous for our no-quibble guarantee, but there is no point in having a great product or idea if you do not have the infrastructure in place to support it.”