A Stratford-upon-Avon based company is set to grow into one of the biggest vegetable suppliers in its field after eating up one of its rivals in a Ј12 million deal. As part of an expansion drive Bomfords has now acquired Gerber Fresh Produce Ltd, a Ј40 million subsidiary of Gerber Food Holding Ltd.
The deal was financed by Ј9 million of confidential invoice discounting (CID), supplied by Lloyds TSB Commercial Finance in Birmingham.
Simon Woodcock, senior regional manager at the bank, said: “Bomfords already have a Ј4 million facility with Lloyds TSB Commercial Finance. We have extended this to Ј9 million to help finance what is set to be a rapidly-expanding and successful business with a strong cashflow requirement to fund its procurement needs.”
