Rose Produce secures £500,000 invoice finance facility
Peterborough based Rose Produce, an importer, exporter and distributor of fresh produce, has secured a £500,000 Invoice finance facility after flourishing through Covid-19.
The business distributes a variety of both staple and exotic fruits, salads and vegetables from across the UK and Europe. While the business has performed well throughout the crisis in terms of its UK sales, which have increased in excess of 30% over the last year, it has faced significant supply chain disruption across the continent.
Santander UK’s support will ensure that Rose Produce can continue to pay its suppliers, retain its workforce and remain on its positive upwards trajectory. The £500,000 facility will also enable continued growth of the business into food processing as well as exploring new markets.
Santander has also helped Rose Produce deliver significant cost savings relation to general banking and invoice financing facilities.
Charlie Bester, a joint owner of Rose Produce, commented: “The team at Santander has been a pleasure to work with to secure the level of support we needed in a tight timeframe. The funding facility we have agreed will give us a more fluid cash flow and ensure we continue to pay our suppliers in a timely fashion in uncertain times. The entire team came together during lockdown and it is a testament to four years of hard work by the whole Rose Produce team, that Santander have agreed to give us this £500,000 facility shows we are in a strong position in the fresh produce sector. We can continue to plan for the future with confidence and we have the agility to proactively manage further disruption.”
Paul Rice, invoice finance specialist, Santander UK, added: “The food and drink sector has been one of the hardest hit during the pandemic, with a shrinking hospitality sector and a small timeframe in which to sell fresh produce. But Rose Produce has performed well during these testing times, and we are delighted to be able to support the business in its next phase of growth.”
