A global supplier to the dietary supplements market has secured a £2m working capital facility to put the business in a stronger position to grow.
Fylde-based Nutrition Group is a rapidly expanding contract manufacturer within the health supplements and sports nutrition market sectors.
Under the former name of RPL, Nutrition Group plc was founded by Peter Greathead in 1993 and over the last three decades, the group has grown to become a renowned and trusted British manufacturer on an international scale.
Installation of a state-of-the-art protein bar production line resulted in the growth of the business in recent years.
The management team therefore required a more flexible funding model to provide the business with the liquidity it needs to allow further business growth.
The funding was secured from Barclays Corporate Banking.
Richard Greathead, CEO at Nutrition Group plc, said: “We’re delighted to get this deal over the line - it really illustrates the strength of our business and is a very positive indicator of market confidence in our sector despite the challenges in the global economy.
“The team at Barclays have worked to the highest standard of customer service to deliver this new finance package to Nutrition Group. I would like to thank Steve Berry and Robert Weston in particular, who have co-ordinated the deal remotely given the current circumstances.
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“The new package has given the business flexible working capital, which aligns with the requirements of the shareholders. The relationship with Barclays continues to flourish as another successful deal concludes.”
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Steve Berry, Barclays Relationship Director, added: “Nutrition Group benefits from an excellent reputation built over many years, operating in a sector which has experienced huge growth as consumers look to adopt healthier lifestyles as their interest in health, diet and nutrition continues to develop.
“It’s refinancing package means the business is in the best possible shape to take advantage and we look forward to working alongside Richard and his team as Nutrition Group continues to grow.”