Shropshire food firm secures seven-figure growth deal
SHROPSHIRE food firm Grocontinental has secured a seven-figure funding package to help towards it continued expansion plans.
Founded in the 1930s and now with a headcount of 350, the family-owned storage and logistics firm’s offering boasts 165,000 pallet spaces of multi-temperature storage from a 30-acre site located in Whitchurch.
With a fleet of 65 temperature-controlled vehicles, Grocontinental serves customers within the food manufacturing and packaging industries across the UK and Europe.
The funding arrangement with RBS and NatWest, which includes a seven-figure refinance and new loan, has enabled the firm to invest in new storage facilities designed to store chilled produce. The facility can store 22,000 pallets at any one time.
Steve Simmons, finance director for Grocontinental, said: “Our business culture is driven by providing complete solutions 24/7 for our customers, no matter what their need. For example, we’ve seen a growing requirement from our customer base for storage of dairy products and we need to be prepared to meet that demand.
“The funding agreed with RBS and NatWest is instrumental in helping us achieve our long-term ambitions, allowing us to invest in the latest equipment and increasing our capacity.”
Richard Newman, relationship director for the bank’s corporate team, added: “Grocontinental has earned a loyal and growing customer base, through providing innovative, high-quality solutions, and understanding customers’ requirements ahead of need.
“Having supported the firm for over 20 years, we are delighted to be a part of their continuing development and to support this exciting period of growth.”
