Leading agricultural supply group has secured a £50million debt funding deal.
The South Molton based co-operative is one of the with more than 9,000 farmer shareholders, a turnover of £500million and 2,100 staff.
Rapid growth in the feed side of the business in the past few years has led to increased working capital requirements and the business outgrew its existing financing facilities.
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It has secured funding with PNC Business Credit with the help of the debt advisory team at Grant Thornton 海角视频 LLP.
The financial firm approached a list of potential funders and within two weeks had secured six funding offers that could deliver the funding required.
Bruce Korican, Finance Director, Mole Valley Farmers, said the new debt facility has opened up new avenues for the business.
"It allows us to flex with seasonal and weather-based fluctuations in trading, helps deliver the strength to negotiate even better deals with suppliers and provides a strong platform for our future plans.
"The deal process was smooth, with no surprises along the way. What’s more, they met our tight timescale for deal completion, even though we were in the midst of countrywide lockdown. That was an impressive undertaking.”
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Concluding the funding package during the lockdown restrictions added to the complexities.
Despite these challenges, the funding package was concluded on the date agreed at the outset before lockdown restrictions were implemented.
Alongside Grant Thornton, Mole Valley Farmers were also supported by the banking and property teams from Foot Anstey, led by Will Whitt and Richard Walford respectively.