A business which supplies plants, herbs and cut flowers to UK supermarkets has secured almost £30 million funding to invest in green technology.
Bridge Farm Group, based in Spalding, Lincs, has arranged the funding to spend on a fully automated glasshouse with biomass boilers and on-site reservoirs.
It will help make the business self-sufficient in energy and help it to meet the increased sustainability demands of the UK’s biggest supermarket groups.
The money has come from specialist lenders Shawbrook Bank, which provided a £19 million commercial loan and a £1 million revolving credit facility, and Tosca Debt Capital, which provided a further £9 million of debt capital.
As part of its growing investment in its operations, Bridge Farm Group has built a 48-acre, fully automated glasshouse in Spalding. The funding will help it continue its investment in its state-of-the-art facilities, and its drive towards becoming net zero carbon.
The business, which is led by founder David Ball and chief executive Louise Motala, sells more than 80 million units of plants, cut flowers and herbs each year to retailers and consumers around the world.
Steve Armstrong, relationship director at Shawbrook Bank, said: “This was a fantastic opportunity for Shawbrook to assist with the refinance of debt facilities following Bridge Farm Group being returned to independent ownership last year.
“It’s a hugely exciting and innovative business, which has become a vital part of the UK supply chain in the horticultural sector.”
Richard Williams, partner at Tosca Debt Capital, said: “Bridge Farm Group is an exceptional business which is at the forefront of the ‘net carbon neutral’ agenda and we are delighted to have been able to support the company’s growth strategy.
“Louise leads a strong and committed management team and we look forward to working with them to realise the growth potential in the coming years.”
Clearwater Corporate Finance advised Bridge Farm Group on the fundraising, Shoosmiths provided legal advice to Shawbrook, with Addleshaw Goddard Manchester providing legal advice to Tosca Debt Capital and Browne Jacobson acting for Bridge Farm Group.
