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
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...