£250,000 funding secured for Yorkshire-based food business
Reach Commercial Finance has secured a £250,000 funding deal for Prime Global Trade Ltd, a part of the rapidly growing Tuber Produce Group, based in Hessle, East Yorkshire.
Prime Global Trade Ltd specialises in sourcing wild bird feed, nuts, avocados, exotic fruit and vegetables from around the world.
The company called in Phil Truman from Reach Commercial Finance to help with funding imports of fresh produce from Africa, the Middle East and Asia, which were facing issues after Brexit and post-pandemic – both of which had impacted severely on the smooth-running of global supply chains in the food industry.
Reach brokered a six-figure, two-month invoice finance deal, working closely with an independent lender.
Phil Trueman of Reach Commercial Finance, who led the deal, said: “We know the business well and having worked on a number of existing facilities we took the lead on recommendations for this issue, ensuring minimum work for the client.”
Steve Humphrey, managing director of Tuber Group, said: “The food industry needs experts in organisations like Reach to think creatively and come up with solutions to large-scale changes, well beyond our control, to keep our operations running smoothly. Being familiar with the business makes this easier for them to do – they are always on hand to support us when we need it.”
Phil concluded: “Tuber Produce is a global client enjoying rapid growth. It is great to be involved in supporting their journey.”