Leumi ABL announces £15 million refinance of ABL debt Facilities for market leading horticulture supplier Fargro
Posted: 18th July 2024 | Share
Leumi ABL is delighted to announce a £15 million refinance of ABL debt Facilities for market leading horticulture supplier, Fargro. The Facilities include Receivables, Inventory and Property funding to generate incremental liquidity in supporting the business’ growth plans.
Founded over 75 years ago as a co-operative for packaging and wholesale of locally grown produce, Arundel-based Fargro has developed and evolved to become one of the UK’s foremost horticulture suppliers. A diverse product catalogue includes growing media, fertilisers, decorative pots, planters, baskets and products for crop protection and pest management.
Steve Webb, Finance Director of Fargro, commented “With ambitious plans at Fargro, we are delighted to be working with Leumi ABL to deliver those plans. The horticulture sector is hugely important to the economy and Fargro will be at the forefront of supporting the industry into the future. We have already developed a strong relationship with Leumi and look forward to their continued input and support.”.
David Sherratt, Founder and CEO at Ashridge Capital added: “It was essential that the Leumi facilities provided both flexibility and certainty to support our evolutionary plans and cashflow requirements. We value relationships with all customers, suppliers and funders and we very much appreciate a proactive funding partner who understands the dynamics of our business”.
Leumi Regional Sales Director, Martin Risman, said; “Fargro has an excellent management team, established market leading presence, supportive investor and an ambitious, forward-looking plan to revolutionise the horticulture sector. We are delighted to provide ABL facilities to Fargro and look forward to further developing our relationship with the team and investor.”
FRP Advisory provided Corporate Finance input. Legal support was provided by Gateley (Leumi) and Irwin Mitchell (Fargro).