FPE Global export success with 4m finance deal
Posted on February 2015
FPE Global are delighted to secure new funding worth £3.7m from Lloyds bank. The switch of banking partner supports our day to day activity as we embark on a strategy to increase footprint in the UK and Europe.
Our turnover is now £15m, around half of which comes from export markets following high levels of overseas sales growth in recent years.
The funding package from Lloyds Bank includes a £2.25m trade finance facility which will provide working capital for FPE Global’s import and export activity.
The provision by Lloyds Bank follows Manchester private equity firm NorthEdge Capital taking a majority stake in our business last year, this saw an increased investment in marketing activity and infrastructure.
Mark Dixon, managing director of FPE Global, said: “Our new relationship with Lloyds Bank supports our growth aims, both internationally and domestic, and builds on the success we’ve enjoyed since working with NorthEdge Capital.
“The trade finance facility gives us the flexibility and security to trade overseas with confidence, whilst the day to day banking arrangements mean we can take advantage of strategic domestic growth opportunities as they arise.”
Ryan Sorby, of Lloyds Bank Commercial Banking, added: “Not only does FPE Global operate in a strong and growing global food sector, but it boasts an experienced, ambitious management team supported by NorthEdge Capital.
“It has a trusted reputation for providing expertise in its sector, as well as physical equipment, and this sets it apart from its competitors. FPE Global is ideally placed to capitalise on the burgeoning food market, and we look forward to supporting the next stage of its growth plan.”