Tuber Produce, an independent fresh food wholesaler, has secured a trade and invoice finance facility worth £1.15m from Bibby Financial Services (BFS) to boost its global expansion plans.
Based in Hessle, East Yorkshire, Tuber Produce supplies food produce to UK wholesalers and food service clients. The business procures its stock through a network of suppliers across four continents, with live contacts in countries including China, USA, Egypt and Belgium. Starting out as a potato supplier, the business has since expanded its product range to include an extensive range of fresh fruit and vegetables, taking advantage of seasonal trends.
The business was established in November 2017 by husband and wife Steven and Rebecca Humphrey. For over a year, the couple ran the business from their own home, but have since outgrown the space and relocated to new premises in Hessle. The funding line from BFS will fuel the company’s desire to exploit new opportunities for growth and the team are already preparing for imminent expansion to the USA. The business is also looking to consolidate its UK operations, and this year it is targeting a turnover of £4.5m from domestic revenues.
BFS is providing Tuber Produce with trade finance, invoice finance, and FX support. The invoice finance facility will allow the business to better manage their cashflow by releasing liquidity from invoices rather than waiting for payment from customers. The business is well placed to maintain strong relationships with its global trading partners through trade finance, and the added benefit of an FX facility to mitigate any currency risks.
Steven Humphrey, managing director, Tuber Produce Ltd. said:
“We sought a funder that could support our needs and grow with us for the long-term. It was also important for us to maintain our family business culture that continues to serve us so well.
“The way BFS operate is perfect for trading businesses like ours. The team has provided a funding line that means we now have all the necessary support under one roof, and it is expertly tailored to help us achieve our revenue targets.”
Sarah Williams, business development manager - North, Bibby Financial Services, said: “At BFS, we love working with young, aspirational businesses such as Tuber Produce. Steven, Rebecca and their team have been a pleasure to work with and we are very happy to be partnering with the company as they continue their exciting journey to growth.
“We have created a funding line to offer our best possible support for Tuber Produce. As a result, the business can now finance its expansion plans without having to worry about cashflow and currency risks.”