Redwood Bank has provided a loan in excess of £3.1m over a 20-year amortising basis to help a family business which produces tomatoes expand its operations at Villa Nursery in Essex.
The challenger bank hopes to ensure that the UK supply for the fruit continues to thrive despite trade deals remaining uncertain with the ongoing Brexit situation.
Felice Gibilaro, who co-runs the nursery with his brother Michael, said: “We had several major contracts in place supplying sugardrop tomatoes to Tesco for its Finest range, Waitrose, Asda and Aldi, so it became clear that we needed to expand.
“Also, in light of the uncertainty surrounding Brexit, we felt there was a sense of duty to ensure we continued supplying the UK with tomatoes.”
Ciaran Kilheeney, business development manager at Redwood Bank, added: “We were only too happy to help the Gibilaros.
“Through conducting site visits and face-to-face meetings, we were able to understand their needs quickly, what obstacles they were going to face and what the end outcome would be if funds were secured.”
Pictured above (l-r): Felice Gibilaro, Ciaran Kilheeney and Michael Gibilaro
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