Golden Acres secures RBS funding to support future development
15 July 2011
Golden Acres Group (“Golden Acres”), the Preston-based dry pet food manufacturer, has received a boost after securing £10 million in working capital facilities from The Royal Bank of Scotland (RBS)
Family-owned Golden Acres, Europe’s manufacturer of own label premium dry pet foods, turns over £47 million annually and employs 112 people at its manufacturing site in Tarleton, Preston.
The capital facilities secured by Golden Acres from RBS’s Corporate & Institutional Banking (CIB) division – a £6 million revolving credit facility and £4 million overdraft facility – will help the company to progress its 10 year development plan. The plan incorporates investment in the business’ manufacturing, storage and distribution facilities.
RBS has worked with Golden Acres since its inception 15 years ago, a key aspect of Golden Acres’ decision to choose RBS when seeking new capital facilities to support its development plans.
Roger Bracewell, chairman, Golden Acres, said: “This funding package will ensure that we realise the ambitions we put forward in our 10 year development plan.
“We're proud to have grown into the largest provider of dry pet foods in Europe in a relatively short time, working with partners across the world, and we are now pleased to be in the position where we can secure the long-term future of the business and safeguard manufacturing jobs that benefit the entire region.”
Oliver Unett, relationship director, RBS CIB, said: “We're delighted Golden Acres has chosen to work with RBS CIB when seeking these capital facilities. This was a competitive situation, but our long-standing association with Golden Acres ensured that we understood the business and were therefore best placed to provide a tailored and flexible funding solution that met the business’ needs.”
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