Blast freezing firm cools off with £4.8m funding

COOL storage firm Rick Bestwick has received funding of £4.8m from SME bank Aldermore.

Chesterfield-based Rick Bestwick has been run by managing director Kevin Hancock since 2013, and is part of the Magnavale Group.

Mr Hancock decided to switch from one of the UK’s biggest banks to Aldermore, the bank supporting the growth of their market share in the controlled storage and distribution industry,

The firm initially had a rocky start to the year, losing 18 staff due to “a change in the operations of one of [the firm’s] largest customers.”

Rick Bestwick turned it around with the announcement of a potential 100 jobs being created at a multi-million pound food storage facility, after applying to North East Derbyshire District Council to build on land next to its site at Holmewood Industrial Park.

Kevin Hancock, managing director at Rick Bestwick Ltd, said:”Aldermore’s funding will help us to grow in a sustainable and profitable way. We want to expand the business within the UK through acquisitions and partnerships, our new finance agreement will enable us to turn this goal that a reality.

“We were drawn to Aldermore because, like us, they are an ambitious, growing businesses and most importantly, they are able to offer a greater degree of flexibility than any of the larger lenders.”

Wayne Spratt, regional sales manager, Invoice Finance at Aldermore, said:
“We are delighted to support Rick Bestwick, the company has an experienced management team, exciting growth plans and excellent relationships with a number of major retailers.

“Aldermore was established to support businesses like Rick Bestwick, which are looking to access finance in order to invest and grow their business.”