Seed grower agrees finance

HISTORIC Woodheads Seeds, reputed to be Yorkshire’s largest seed grower and processor, has secured a £2m financing package to help the company capitalise on further opportunities.

Royal Bank of Scotland Corporate & Institutional Banking has agreed the deal with the Selby-based business.

The £23.3m turnover business is part of The Wynnstay Group, one of the UK’s largest manufacturers and suppliers of agricultural goods to farmers and rural communities in Wales, the Midlands, the North West and Yorkshire. 

The 200-year-old company offers a complete end-to-end service: from supplying high-quality, local and certified seeds, to a full buy-back provision, meaning it will repurchase any excess seeds from its customers. 

The deal sees RBS take over Woodhead’s day-to-day banking, more than doubling the company’s credit facilities.

The extended funding of £2m will be used for capital expenditure and business investment as the firm looks to capitalise on further market opportunities.

Jonathan Woodhead, managing director of Woodheads Seeds, said: “We are absolutely delighted with the package that the team at Royal Bank of Scotland put in place. We feel it will allow us to continue to push on this year and help us achieve the bold targets we have set ourselves in 2012.”

The Wynnstay Group saw revenues rise by 42% to £346.18m in 2011. Its agricultural division recorded revenues up 54% to £274.57m, driven in part by Woodheads Seeds.

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