Newey Group has secured £18.5m of funding from Metro Bank to further expand its trading and agricultural business.
The challenger bank provided the horticultural company with £10m of senior debt, a £7m invoice finance facility, £1m of working capital and a £500,000 asset finance solution.
Newey Group operates across 21 sites in the Midlands, West Sussex and Portugal, and has over 200 acres of commercial horticultural production sites.
The company produces over 300 million plants per year and supplies to companies such as B&Q, Homebase and Wyevale.
Mark Stokes, managing director of commercial banking at Metro Bank, said that it was delighted to support Newey with all of the funding under one roof.
“In a short timeframe, 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 at Newey Group, added: “Metro Bank has a refreshing and dynamic approach to commercial banking and it was a pleasure to work with the bank.
“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.”
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