Published by Insider Media
REFINANCING DEAL FOR HISTORIC AGRI-FEED FIRM
A Charnwood-based agri-feed company which can trace its roots back to 1873 has sealed a refinancing deal with HSBC UK to support its future growth and to enhance its sustainability credentials.
GLW Feeds is one of the largest independent, family-run livestock and speciality feed manufacturers in the UK. The deal with HSBC UK will provide the company with additional working capital and allow the business to expand its facilities and invest in new machinery.
The support from HSBC UK will ensure the longevity and sustainable growth of the 150-year-old company. It will enable GLW Feeds to invest in milling equipment and technology which will allow the company to meet increasing market demand and further its commitment to British agriculture and the environment.
GLW Feeds have been actively working towards reducing its carbon footprint and maximizing its environmental sustainability through increased capacity coupled with more energy efficient production processes.
Jamie McDonagh, finance director at GLW Feeds, said: "From the initial meeting with relationship director Phillip Carr and the wider team from HSBC UK, the enthusiasm, sector knowledge and support they had for GLW Feeds was clear and we instantly knew they were the banking partner we needed. We now look forward to working closely together as we implement our growth strategy."
Debbie Harper, HSBC UK area director for East Midlands Corporate, added: "By working collaboratively with HSBC UK’s Head of Agrifoods Allan Wilkinson, we are delighted to welcome GLW Feeds as a new client. The banking facilities provided give increased liquidity and flexibility for the business in support of the exciting, and sustainable, future growth plans."
In the past five years, GLW Feeds has completed mill renovations to facilitate growth and meet increasing customer demand, which has helped turnover to grow by 30 per cent.