East Yorkshire independent fresh food wholesaler Tuber Produce has renewed its funding facility worth £1 mln from Bibby Financial Services (BFS) for a further 18 months. This will help unlock working capital to support the business’s continuing growth.
The wholesaler supplies fresh fruit and vegetables to UK supermarkets and food service clients. It buys its stocks through a range of international suppliers across China, Egypt, Belgium and the US.
Starting out as a potato supplier, the business now supplies an extensive range of fresh fruit and vegetables to its international customer base. In 2019, it was introduced to BFS by Reach Commercial Finance to help boost the business’s cashflow and overseas trade. The company secured a £1 mln facility, combining Trade Finance and Invoice Finance, helping fuel its growth and exploit new opportunities in overseas markets. 18 months on, the company is now projecting a £5 mln turnover in the next 12 months.
To bolster their ongoing growth plans, Phil Trueman from Reach Commercial Finance and BFS’s Sarah Williams have collaborated with the business again, to provide a renewed funding line for the next 18 months. The latest facility, which includes Invoice Finance and FX support, will help free up working capital, allowing the company to procure additional produce and goods from a range of suppliers.