28 corporate finance
Further opportunities for borrowing for SMEs
The Bank of England has announced an extension of the Funding for Lending Scheme which will now be extended until January 2015. This scheme gives banks incentives to lend to small and medium- sized businesses, writes Chris Duggan of Griffins
What this means for business owners is that funding can be very attractive with lower interest rates and zero arrangement fees.
In a lot of instances where a customer has existing finance in place it is nearly always cheaper to convert this to a new loan under the scheme.
The Regional Growth Fund (RGF) is an initiative created by the Department of Business, Innovation and Skills.
It is
established to support local economies and encourage investment in the private sector.
Funding will be available in the summer from certain banks to
Leumi ABL supports growth of manufacturing business
Leumi ABL has provided a £2.775 million multi-asset financing facility to Noel Village, an independent foundry specialising in carbon, stainless and nickel-based alloys for a worldwide market.
Established in 1980, the company began by producing low-value castings for the mining and quarrying industries, and has now adapted to meet the needs of a highly-technical and complex market.
The business needed to increase its working capital and a new funding provider was sought to provide a fresh injection of cash to support growth, refurbishment and investment in new plant.
Jonathan Hughes, Leumi ABL regional sales director for the Thames Valley and the south, said: “Leumi ABL offered a tailored funding solution that would make better use of the company’s assets and provide greater flexibility than traditional clearing banks. The initial funding package comprises an invoice discounting facility, plant & machinery loan and an agreed overpayment.”
Details:
www.leumiabl.co.uk www.businessmag.co.uk
customers (SMEs) under this scheme.
The SMEs can quality for a grant if they are going to invest in new capital assets such as plant and machinery, or even if they are going to buy their own trading facilities.
Businesses must make a minimum deposit contribution of 10% and all VAT, but this deposit is then enhanced by the RGF grant. The grant rate is 20% for a small company.
Contact me to discuss how we can help you identify the correct finance opportunities that suit your business.
Ella’s Kitchen acquired by US organic products group
Ella’s Kitchen Group has been acquired by leading US-based natural and organic products company, Hain Celestial Group, which provides consumers with "a healthier way of life". The deal enables the formation of a global infant, toddler and kids division under Hain Celestial US.
Henley-based Ella’s Kitchen is a manufacturer and distributor of premium organic baby food, and was the first company to offer baby food in convenient flexible pouches. The group offers a range of 80 branded organic baby food products, principally in the United Kingdom, United States and Scandinavia.
Paul Lindley, founder of Ella’s Kitchen, will become CEO of the new global infant, toddler and kids division, with responsibility for Hain Celestial’s Earth’s Best brand as well as the newly-acquired Ella’s Kitchen brand. He will report to John Carroll, executive vice president and CEO of Hain Celestial US.
“Today is truly exciting and ground breaking,” said Lindley. “I started Ella’s Kitchen just seven years ago, alone in my daughter Ella’s playroom. Now our Ella’s Kitchen adventure continues as our total consumer focus, deep passion, clear vision and exceptionally- talented team becomes part of a leading
global natural and organic food and personal care business.
“The chance to take the next steps on our journey to improve children’s health with a partner like Hain Celestial and the Earth’s Best brand is something we relish and cherish."
Said Irwin D. Simon, founder, president and CEO of Hain Celestial: “We are very excited by the strategic acquisition of Ella’s Kitchen, which complements our Earth’s Best line of infant, toddler and kids products. Our Earth’s Best team has much to be proud of too, having grown the brand from less than $15 million in sales in 1999 to over $150m today.
“We welcome Paul who, together with our accomplished Earth’s Best team, should accelerate the growth of both brands in our new division.
“We strive to change the way the world eats, and bringing together the Earth’s Best and Ella’s Kitchen brands should enable us to bring our natural and organic nutritional feeding offerings to a global consumer base.”
In 2012, Ella’s Kitchen generated approximately $70m in sales.
THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2013
Details: Chris Duggan 0118-9235020
c.duggan@griffins.co.uk www.griffins.co.uk
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