International food trader eyes growth
Telford-based wholesale import and exporter Newport Farmer has secured a €300,000 facility (£260,000) from alternative lender Growth Lending which will provide the company with the working capital to expand into new suppliers and diversify its customer base.
Founded in 2019, Newport Farmer facilitates the import and export of produce such as bananas, limes, plantain and mangoes through an integrated supply chain network. The business works with a selection of producers from the Dominican Republic, Mexico, Costa Rica and Columbia, ensuring that clients across Europe receive the best quality produce.
The facility from Growth Lending will enable the business to continue to improve the efficiency and reliability of goods, service and cost to clients. In addition, it will ensure that Newport can continue representing farmers and producers by working directly with distributors at the end of the supply chain, giving them the best chance of a good price in a highly competitive market.
Filipe Silva, managing director at Newport Farmer, said: “Growth Lending has made the process of securing new finance very easy, taking the time to understand my business model and work with me to complete all the required administration for a successful application.
“In current circumstances, ensuring that we can manage costs to clients, provide produce at a good price and continue to support producers is more important than ever. Growth Lending were able to offer me a flexible finance solution that enables me to do this, works well for my business and means I can take on new leads without cash flow limitations.”
Vicki Taylor, principal at Growth Lending said: “In the current environment it can be difficult to navigate the various funding options available to businesses, particularly when dealing in currencies other than GBP. On the advice of Jim Davis at Clear Cashflow Solutions, Newport approached me with a request for a standalone EUR FX facility. The business has seen impressive growth since it began and the funding we’ve provided will enable it to continue on this trajectory, it’s a pleasure to be able to support it.”
Jim Davis of Clear Cashflow Solutions who advised on the deal, said: “Growth Lending has been straightforward and hassle free to work with, offering my client a facility that is perfect for its standalone EUR requirements, which will enable the business to manage its working capital, pay suppliers quicker and grow.”