Metro Bank has provided Newey Group with £10 million of senior debt, a £7 million invoice finance facility, £1 million of working capital, as well as a £500,000 asset finance solution.
The financing will allow it to further expand its trading and agricultural business.
Newey Group operates across 21 sites in the Midlands, West Sussex and Portugal with over 200 acres of commercial horticultural production sites. It produces over 300 million plants per year and supplies to companies such as B&Q, Homebase and Wyevale.
Mark Stokes, managing director, commercial banking at Metro Bank, said: “We were delighted to support Newey with a sophisticated funding package including invoice finance and asset finance all under one roof. In a short time-frame, our dedicated specialists were able to understand the company’s needs and provide it with a significant capital injection for its expansion plans. We look forward to working with Newey over the years to come, as it continues to grow and develop its business.”
Alex Newey & Martyn Thomas, managing directors at Newey Group, added: “Metro Bank has a refreshing and dynamic approach to commercial banking and it was a pleasure to work with the bank. The team has immediately understood our vision to become one of the leading agricultural companies in Europe and has allowed us to consolidate structures and simultaneously grow market share. We’re excited for the future and look forward to strengthening our relationship with Metro Bank.”
