Gilberts gains £2.4m in funding
Gilberts Foods has received a £2.4m funding package from HSBC which will be used to expand its export business.
The company, which specialises in the manufacture of pasteurised meat products, will also aim to increase the volume of meat imports with the funding from HSBC.
The funding package includes a £2m invoice finance line and a £400,000 import finance facility.
Managing director Peter Smith said: “We import a lot of our meat, so the invoice finance element of the funding will help the business, as currently a lot of our 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.
“Export is an area we are only just getting into, but we see strong growth opportunity and will be targeting Europe, China and India, as well as Australia.”
The company which employs around 65 people was founded in 1970 and was one of McDonald’s original suppliers.
HSBC Lancashire area commercial director Leigh Briggs said: “When we sat down with Peter and the team at Gilberts, we quickly came to the conclusion that invoice finance was an ideal solution to the company’s requirements. The facility covers the company’s complete business cycle and will help towards its growth plans, benefiting both the local and wider UK economy.”
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