Mole Valley Farmers
Posted: 20th May 2024 | Share
Leumi ABL is very pleased to be supporting Mole Valley Farmers Limited with a £60m facility, compromising an ABL line and a trade loan, alongside Barclays Corporate.
Mole Valley Farmers are a leading agricultural co-operative headquartered in North Devon. The group operate 55 locations nationwide providing a wide range of products to the agricultural sector through its retail stores, as well as a comprehensive provision of feed manufacturing, farm nutrition and soil agronomy products and services.
The Asset Based Lending and Trade facility will support Mole Valley Farmers with working capital headroom giving the company greater flexibility and a strategic decision making.
Commenting on the deal Bruce Korican, Chief Financial Officer at Mole Valley Farmers, said: “Mole Valley Farmers is delighted to consolidate our funding and commercial banking with Barclays, with Leumi ABL as club partner. Throughout the process, both teams demonstrated a deep understanding of our business and our funding requirements, delivering an overall facility that suits our working capital cycle.“
Commenting on the deal Alex Bend, Relationship Director at Barclays Corporate, said: “Barclays have built a strong relationship with Mole Valley Farmers since 2019 and I am delighted to be able to deepen the partnership with a new £60m ABL facility. Over the last 5 years we have gained a strong understanding of the business complementing Barclays existing sector offering. We are looking forward to supporting Mole Valley Farmers and the wider Agri-sector alongside Leumi ABL, in the coming years.”
Jonathan Hughes, Leumi ABL Regional Sales Director, added: “We’re excited to join forces with Barclays in supporting Mole Valley Farmers with this robust financing solution. This collaboration underscores our dedication to providing tailored financial solutions that empower businesses like Mole Valley Farmers. We look forward to contributing to their ongoing success and are excited about the future of this partnership.
We are grateful to Paul Wood of Funding Compass Ltd, who advised the company throughout the fundraising process, for the introduction and support.”