Rick Bestwick enters new financial partnership
Rick Bestwick has agreed new financial partnership with Yorkshire Bank to help and support ‘record growth’ of the company.
L-R: David Burgess, director of business development, SME cashflow lending, corporate and structured finance, and Nick Vessey, Magnavale Group finance director.
Temperature-controlled storage company Magnavale, who trades under the Rick Bestwick brand, has agreed a new funding package with Yorkshire Bank to help finance the growth the company is seeing.
After a year of rapid growth, the group has increased sales by 35% and has further plans for expansion over the next three years which is said to ensure that the current trajectory continues.
The Magnavale Group operates from four facilities across the North of England, providing multi-temperature storage facilities along with blast freezing, microwave and rapid air up tempering.
The significant growth vision for the company is now supported by banking facilities provided by Yorkshire Bank.
Colin Taylor, Rick Bestwick CEO, added: “Yorkshire Bank have stepped in to provide the level of service we need to grow, and their backing is a vote of confidence in us, our business and our vision.
“We look forward to starting 2019 together and embarking on an exciting period of development for the business.”
Nick Vessey, Rick Bestwick Magnavale group finance director, commented: “We are pleased to announce that after a long search and consultation period we have signed with Yorkshire Bank as our new funding partner.
“We needed a partner that could provide the backing we need to scale our business to the next level and provide the funding to develop ambitious projects that are already in the pipeline.”
Commenting further, David Burgess, director business development, SME cashflow lending, corporate and structured lending at Yorkshire Bank said: “We are delighted to support this long- established group who are providing excellent service to their clients, and this is behind the growth that the company is enjoying.
“There is a very strong management team at Rick Bestwick and we firmly believe that they have the knowledge to continue to grow the business successfully”
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