HSBC agrees £6m finance deal with food distributor

SPECIALIST chilled distribution business FreshLinc has secured a new finance package worth over £6m with HSBC’s Corporate Banking Team in the Midlands.

The deal, led by global relationship manager John Barker and Graham Hay, of HSBC Invoice Finance, heralds the start of a new relationship with the bank.  

Based in Spalding, Lincolnshire, the fresh produce distributor serves the domestic and international produce industry through its fleet of 160 specialist refrigerated vehicles. Founded in the mid 1990s, FreshLinc has grown to employ over 250 people nationwide, with an annual turnover in excess of £40m.

The bank said an invoice discounting facility would provide FreshLinc with working capital to fund the continued expansion of their business and Term Loan facilities for the development of their premises.

Maurice Heath, HSBC Head of Corporate Banking, Midlands, said: “We are delighted to start this new relationship with one of the UK’s leading specialist support businesses to the agri-food sector. This facility will ensure FreshLinc is well structured to drive growth in both domestic and international markets and to continue to innovate in their sector. ”

Aubrey Day, Finance Director, FreshLinc, added: “The working capital that the new package has provided will allow us to continue our ambitious growth plans. This new relationship will enable us to work swiftly and flexibly towards our strategic goals and we look forward to working with HSBC’s experts in both the agrifood and invoice finance arenas to drive maximum value for our business.”

Freshlinc operates alongside its sister company Lincolnshire Field Products, a leading supplier to the food industry.