Gilbert’s Foods expands export business

Gilbert’s Foods expands export business

Lancashire food supplier Gilbert’s Foods, one of the original suppliers of meat to McDonalds, is looking to expand its export business after securing a £2.4 million funding package from HSBC.

The package includes a £2 million invoice finance line and a £400,000 import finance facility, which will provide working capital to enable the company to accelerate export expansion and increase the volume of meat its imports.

The Heysham-based company, which supplies meat and poultry dishes to the wholesale, foodservice and retail sectors, opened its first facility in Australia earlier this year to support exports to the country. It is also looking to establish exports to Europe, India and China.

The finance will support ambitious plans to significantly grow its £10 million turnover. The finance package was arranged through HSBC’s Lancashire commercial team.

Gilbert’s currently employs 65 people and specialises in manufacturing pasteurised meat products which are designed for re-heating via microwave, oven, boil-in-the-bag, grill or rotisserie.

Managing director Peter Smith said: “We import a lot of our meat so the invoice finance element of the finance will help the business as currently a lot of our stock is on the water and arrives in clusters, which ties up working capital and causes cash flow issues. The new facility gives us the headroom to increase imports but also frees up working capital to expand the business elsewhere.”

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