A Welsh food producer has secured a seven-figure finance package to expand its product development activity as it moves into the vegan market.
The financing from HSBC UK will also see Abergavenny Fine Foods to reinvest in new equipment and systems as it looks to improve and automate its processes.
“We started talks with HSBC UK late last year when we realised our existing funding structure wasn’t fit for a business that had grown 80% since 2016,” said Melanie Bowman, Managing Director of Abergavenny Fine Foods.
“We were keen to find a long-term strategic banking partner that could provide funding to futureproof the business and that could grow and change as we did, and HSBC UK felt like the perfect fit.
“Our relationship director, Sian Williams really took the time to get to know our business and our complex finance requirements, which will help us remain competitive for our customers.”
Warren Lewis, Head of Corporate Banking, Wales, HSBC UK, added: “Abergavenny Fine Foods has ambitious plans to grow to a £40 million business in the next two to three years, which its previous funding structure wouldn’t have allowed.
“Our new facility is flexible and gives the team support and freedom while they take the next steps in their exciting journey.”