ABN AMRO Commercial Finance has delivered a £10m receivables funding line to food distributor Özgür Tarim UK.
Established in 2017, Özgür Tarim distributes dried vine fruit across the UK from its headquarters in Halstead, Essex. The business imports its produce from the Özgür family plant in what is considered the sultana raisins capital of the world – Manisa, Turkey.
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ABN AMRO has provided a £10m receivables funding solution, including an Enterprise Finance Guarantee top up loan.
The funding comes as Özgür Tarim sought a funding partner to bridge the gap between supply and demand. Additionally, the deal is intended to help broaden the portfolio through the acquisition of sizeable new contracts and future expansion of the product range.
Ryan Whitworth, business development manager at ABN AMRO said: “The team at Özgür Tarim have been a joy to work with. By taking the time to understand their business requirements, we have been able to deliver a flexible funding solution to support their growth ambitions.”
Marcus Welch, managing director at Özgür Tarim said: “We are pleased to have been referred to ABN AMRO. The team have been excellent – all the way from the initial contact, through to sales support and hand over to a dedicated relationship manager.
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By GlobalData“The ease of doing business and a relationship driven approach provides us with a suitable funding package and strategic partner for growth.”
ABN Amro Commercial Finance appointed a head of sales in August, following a similar appointment to the bank’s Lease UK. Jeremy Harrison has been given the sales role and will lead an origination team focusing on mid-market, corporate and international businesses with financing needs across the UK and Europe.
Harrison will report directly into ACF commercial director, Deborah Bell, and will liaise with the head of sales for ABN AMRO Lease UK, Gareth Stockton, as the two business lines support mutual clients across ABN AMRO Asset Based Finance, N.V.
