£4.5 million boost for dried fruit and nuts distributor
A COTSWOLD-based supplier of nuts, dried fruit and seeds is looking to expand after receiving a £4.5 million cash injection.
Italian-owned Besana UK gained the backing from Barclays Bank to support future growth plans and provide ongoing working capital.
The £65m turnover business is a key supplier of pre-packed nuts, dried fruit and seeds to all of the major UK supermarkets with the packaging and distribution based at Rissington Business Park in Upper Rissington, near Bourton-on-the-Water.
The Cotswold operation employs 30 people rising to 50 during September to December in the run up to Christmas.
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The firm also supplies smaller, more niche outlets, as well as the processing sector in the production of breakfast cereals and snack bars. Most of the firm's product line is aimed at the healthy snacking sector which has seen significant growth over the past few years as consumers have become more health and diet conscious.
The company sought additional funding from Barclays in order to pack and process greater volumes in the UK to be in a position to respond more quickly to supermarket supply demands, as well as increasing its product lines.
Simon Melik, general manager at Besana UK Limited, said: "We have a longstanding and strong relationship with Barclays and they clearly understand our business model which has enabled the bank to deliver the right funding solution, in a short timescale, allowing us to focus on the company's long term strategic goals.
"We are looking for expansion in the long-term."
Barclays relationship director Tom Windett, who co-ordinated the deal, added: "Our sector focus and thorough understanding of the industry and market has enabled us to structure banking solutions that fit well with the firm's strategic plans.
"It is important to us that we are seen as a trusted banking partner to Besana UK Limited and this clearly demonstrates our appetite for providing funding solutions to quality businesses in the region."
Besana UK Limited employs 700 staff globally.