Metro Bank has today announced that it has provided, Newey Group with £10m of senior debt, a £7m invoice finance facility, £1m of working capital, as well as a £500k asset finance solution. All of which will allow it to further expand its trading and agricultural business.
Newey Group is one of the UK’s largest and most advanced propagators and growers of protected ornamentals. The company operates across 21 sites in the Midlands, West Sussex and Portugal with over 200 acres of commercial horticultural production sites. It produces over 300 million plants per year and supplies to companies such as B&Q, Homebase and Wyevale.
Mark Stokes, managing director commercial banking at Metro Bank said:
“We were delighted to support Newey with a sophisticated funding package including invoice finance and asset finance all under one roof. In a short time-frame, our dedicated specialists were able to understand the company’s needs and provide it with a significant capital injection for its expansion plans. We look forward to working with Newey over the years to come, as it continues to grow and develop its business.”
Alex Newey & Martyn Thomas, managing directors at Newey Group added:
“Metro Bank has a refreshing and dynamic approach to commercial banking and it was a pleasure to work with the bank. The team has immediately understood our vision to become one of the leading agricultural companies in Europe and has allowed us to consolidate structures and simultaneously grow market share. We’re excited for the future and look forward to strengthening our relationship with Metro Bank.”
Metro Bank offers tailored commercial banking services, including a common-sense approach to lending and cash management solutions. Customers are supported by a dedicated team of relationship managers, who provide expert and industry-specific guidance. The invoice finance team provides flexible invoice discounting, factoring, and cash-flow funding solutions to businesses across the UK, with all customers benefiting from fair, flexible and transparent agreements, with no hidden charges.