Seven-figure funding deal sees agri-business expand
Lincolnshire-based Woldgrain Storage has secured a seven-figure facility from HSBC UK to build two new grain storage silos.
Woldgrain Storage is a farmers’ cooperative, with 85 members. The company can currently store up to 90,000 tonnes of grain for its members over the course of a year. The two new 5,500 tonne silos will see that figure rise to over 100,000 tonnes once they are completed in time for this year’s harvest in July, enabling the Woldgrain’s members to meet increasing customer demand.
John Burnett, managing firector of Woldgrain Storage, said: “Ten years ago, we embarked on a big expansion scheme with the support of HSBC UK and EU grant funding. The additional silos we are building today are very much part of these expansion plans and it’s been fantastic to have the continued support and backing from HSBC UK and our relationship manager, Lindsay Rubie.
“It’s a really important time for our sector with lots of challenges in the wake of Brexit but equally lots of opportunities. Our current expansion plan forms part of a wider business growth strategy, with an additional site nearby expected to afford us even more development opportunities in the future.”
Jason Baker, Midlands area director for Agriculture at HSBC UK, said: “Whilst it has been a challenging time for the sector in many ways, it’s great to see continued growth and development by the team and we look forward to working with the company to help realise its future growth ambitions.”