Community Foods has secured a £17m funding facility from Praetura Commercial Finance, as we prepare to accelerate growth in 2024.
The backing from Praetura Commercial Finance will be used to fuel a three-year strategic investment plan, which includes investing in site improvements and enhancing manufacturing capability. We are also planning to grow our 150-strong workforce and build revenues further, after topping £70m last year.
Founded in 2016, Praetura Commercial Finance structures and delivers transactional debt facilities to SMEs & Mid Corporates across the UK, headquartered in Manchester. Facilities offered range from £500k - £25m and the business funded over £2.9bn worth of assets in their support of UK SMEs.
Speaking on the funding, Martin Rome, managing director at Community Foods said: “It’s an exciting time for Community Foods, and the new funding facility is just adding to our momentum. We recognise that there are opportunities to grow our presence, and the products and services we offer – we now need to invest to make that happen.
“Meeting Praetura Commercial Finance’s senior management team gave us the comfort and reassurance that we were dealing with real professionals and asset-based lending (ABL) specialists. We are excited to be embarking on our next phase with the team’s backing.”
Stuart Bates, commercial director at Praetura Commercial Finance, said: “Community Foods has been a trusted expert in the sourcing and supply of dried fruits, nuts and seeds for over five decades. I was impressed by the board’s commitment, knowledge and passion for the business, led by Martin Rome. The new ownership with Vesta gives Martin and the team an excellent platform to drive shareholder value in the coming months and years.
“We’re pleased to have the opportunity to support the team, providing the right ingredients for growth in the form of an ABL funding facility and our trademark more than money approach to relationship-led lending.”