Reach Commercial Finance has secured three different funding solutions worth £4.8 million for Tuber Group to help accelerate business growth, the latest of which is support for the acquisition of fresh produce business – MyFresh.
Tuber Group trades globally across a wide range of commodities including fresh and frozen produce, to B2B and retail clients. MyFresh is UK’s largest ingredients-focussed, prepared fresh produce business.
Reach applied a unique three-layered funding approach to finance and sourced £2.3 million as a secured loan from Reward Finance Group which provides tailored business loans and asset based solutions between £50k and £5m to SMEs across the UK. In addition, Reach secured a further £2 million as an ID line and £500,000 in asset finance from Ultimate Finance.
Phil Trueman of Reach who brokered the deal, said: “We’ve been working with the Tuber Group for a number of years and know it inside out. After the in-depth analysis of the situation and the business needs, we pulled together three different lines of finance to meet the target amount.”
The deal was initially supposed to be completed by the end of April, but delayed due to complications. Whilst it was challenging during this time to keep all the parties aligned, Reach had to adapt the funding requirement and worked closely with Ultimate Finance and
Reward to accelerate the process and accomplish the deal within ten weeks.
Talking about the funding experience Steve Humphrey, Managing Director of Tuber Group, said: “Phil provided a huge amount of support throughout, not only to calm our nerves, but also to find the right funding provider.”
“The acquisition of MyFresh was significant to our business due to its established presence in the vegetable processing industry. We are, as always, pleased with Reach’s support and look forward to working with them on future deals.”
Stuart Davies of Ultimate Finance added “We are delighted to provide Tuber Group with a £2.5m Structured Finance facility to support the MyFresh acquisition through our invoice discounting and asset finance solutions. Working closely with Reach, the prospective owners and their advisers, we were able to quickly understand the business and its specific requirements, allowing us to provide a tailored finance package to secure the acquisition and provide a funding platform for the new owners to achieve their growth ambitions”
Harriet Gibbs, business development director for Reward Finance Group, added: “Being able to finance an acquisition of this scale demonstrates the speed, flexibility and size of our lending facility and is a significant milestone for the Tuber Group. It is hugely satisfying to see that we’ve played a pivotal role in helping the Hull-based company acquire a leading player in the fresh produce market that will pave the way to accelerating its future business growth.