Metro Bank has provided a £7m (€8m) invoice finance facility and a £500,000 asset finance facility to UK horticultural business the Newey Group.
The deal also includes £10m of senior debt and £1m of working capital.
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The Warwickshire-based produces ornaments across 21 sites in England and Portugal. It is a supplier to homeware retailers B&Q and Homebase, as well as garden centre chain Wyevale.
Mark Stokes, managing director for commercial banking at Metro Bank, said: “We were delighted to support Newey with a sophisticated funding package, including invoice finance and asset finance, all under one roof.
“In a short time-frame, our dedicated specialists were able to understand the company’s needs and provide it with a significant capital injection for its expansion plans. We look forward to working with Newey over the years to come, as it continues to grow and develop its business.”
Alex Newey and Martyn Thomas, managing directors for the Newey Group added: “Metro Bank has a refreshing and dynamic approach to commercial banking and it was a pleasure to work with the bank.
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By GlobalData“The team has immediately understood our vision to become one of the leading agricultural companies in Europe and has allowed us to consolidate structures and simultaneously grow market share. We’re excited for the future and look forward to strengthening our relationship with Metro Bank.”
