Speciality wholesaler Hider Foods has secured a £5 million funding line as it rolls out a new joint venture to help its retailers through tough times in an online expansion.
The third generation family operation has brought forward a joint venture with Delishops - a food retail platform for small outlets - to help them generate income even when closed or curtailed.
It opens up thousands of product lines stocked by the £25 million turnover Hull company via e-commerce, facilitating direct delivery.
Funding to back the expansion was secured through Bibby Financial Services.
Duncan Hider, managing director, said: “As a long-standing family business, we have a firm footing in the market and a well-established customer base.
“This fresh injection of finance will enable us to focus on fulfilling our customers’ orders and work to expand our offering.
“The BFS team responded very quickly and were able to work with our advisors to structure a funding facility that met our specific needs.”
The has been accelerated because of the pandemic.
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Hider not only imports fine foods, but also processes speciality nut products, including drying, roasting, salting, flavouring and packing for customers ranging from farm shops to garden centres.
Launched in Old Town in 1965, Hider also focuses on dried fruits, Turkish delight, Bavarian organic breads and seasonal Christmas stollen.
Bibby’s corporate team in the North were introduced to Hider by the company’s financial advisors. From here, BFS and Hider Food worked together closely to quickly structure a deal that met the financing needs of the business.
It is described as helping the business pursue its ambitious growth plans, while providing the flexibility the company needs to thrive.
David McIntyre, corporate manager at Bibby Financial Services, said: “Hider Food Imports Ltd is a well-known and long established importer in the region with a strong heritage in Hull. We’re very happy to have been able to provide Duncan and the team with the funding they needed within what was a tight timescale. We look forward to working with the management team as they grow the business.”