Bibby Financial Services has renewed its funding relationship with Tuber Produce, a UK-based independent fresh food wholesaler.
Tuber Produce has renewed its funding facility worth £1m for a further 18 months, helping unlock working capital to support the business’s continuing growth, Bibby said in a statement.
The wholesaler, based in Hessle, East Yorkshire, supplies fresh fruit and vegetables to UK supermarkets and foodservice clients. The business procures its stock through a range of international suppliers across China, Egypt, Belgium and the US.
Husband and wife team, Steven and Rebecca Humphrey, founded Tuber Produce in November 2017. The duo started out as a potato supplier and today the business supplies an extensive range of fresh fruit and vegetables to its international customer base.
In 2019, the team was introduced to BFS by Reach Commercial Finance to help boost the business’s cashflow and overseas trade. The company secured a £1m facility, combining trade finance and invoice finance, helping fuel the business’s growth and exploit new opportunities in overseas markets.
18 months on, the company has gone from strength to strength, projecting a £5m turnover in the next 12 months. To bolster their ongoing growth plans, Phil Trueman from Reach Commercial Finance and BFS’s Sarah Williams have collaborated with the business to provide Tuber Produce with a renewed funding line for the next 18 months.
The new facility which includes invoice finance and FX support will help free up working capital, allowing the team to procure additional produce and goods from a range of suppliers. The FX service will continue to support the business in making payments to its global network of suppliers.
Steven Humphrey, Managing Director, Tuber Produce Ltd. said: “Since partnering with BFS last year, we’ve been really impressed with the flexibility of the support and the level of service we’ve received from the team.
“The combined facility has been fantastic, allowing us to unlock cashflow and maintain strong relationships with our trading partners overseas. Having all of the funding under one roof has been extremely helpful, enabling us to focus on expanding our product range and seek out new opportunities. The FX service will continue to help us manage currency volatility – which is vital in the current climate.”
Phil Trueman, reach commercial finance, said: “I am delighted that this facility has been agreed for the next 18 months. Steve and Rebecca make a strong management team with a clear vision of where they want the business to go and the determination to see it through.
“Securing funding against this calibre of leadership alongside robust controls and reporting systems becomes a much more straightforward process and keeps the business in a strong position.”
Sarah Williams, business development manager, Bibby Financial Services, said: “BFS prides itself on supporting ambitious, growing businesses like Tuber Produce, so we’re delighted to continue our support for Steven, Rebecca and the team.
“By working in partnership with Phil and the business, we have been able to structure a facility that frees up the company’s cashflow – helping finance their growth plans – and mitigate currency risks as they trade with international suppliers. We’re excited to see the team realise their ambitions in 2021 and beyond.”