Historic wholesaler secures funding line from Bibby Financial Services
Experienced management team acquire Century old business securing funding from Bibby Financial Services (BFS)
Bibby Financial Services has provided a £5m invoice finance facility to Nigel Fredericks Trading, a London-based meat wholesaler which has recently been acquired by an experienced management team.
The long-standing business was founded in 1890 and sells high-quality meat, poultry and game to catering clients in one of the UK’s longest-standing industries.
The funding package from BFS will assist the new management team in positioning the business for growth as they look to transform the company and expand its client base.
Chris Farnworth, corporate manager of Bibby Financial Services, said: “The new management of Nigel Fredericks Trading has been proactive in undertaking a new opportunity, and we are looking forward to supporting the business as they steer it in a new direction. With its extensive industry experience, we knew that an Invoice Finance facility would give Nigel Fredericks Trading the working capital it needed to relaunch the business.
Pat Herlihy, managing director of Nigel Fredericks Trading said: “With a heritage that spans over 128 years in the industry, our business is full of tradition, culture and excellent produce which we are proud to sell nationwide.
We wanted to partner with a funder that had both experience in our sector as well as one that understood where we aspire to take the business and the potential we have to grow operations across the company.
“BFS has helped shape an exciting growth proposition for Nigel Fredericks Trading, which has been tailored to our operational structure. “Invoice Finance will be a significant factor in driving business efficiency and the additional funding injection has supported growth plans while also assisting our cashflow needs.”