This latest funding boost followed a £17m funding facility provided to the manufacturer by Praetura Commercial Finance Group in December 2023 to help enhance its 80,000 sq ft (7,432m2) production and warehousing facility.
Community Foods said it would use the extra funding to secure new supply lines for its products and further expand its product offering ahead of the busy Christmas and Easter trading periods next year.
Seizing opportunities
Commenting on the investment, managing director Martin Rome said: “Praetura have enabled us to seize a number of opportunities that have come our way this year which will have a significant impact on the business over the next couple of years. We are delighted that after a relatively short working relationship with them that they have been willing and able to support the business as they have.”
Since securing the facility in 2023, Community Foods has increased sales by 17% year-on-year and renewed contracts with all its major customers.
Stuart Bates, Praetura commercial director, added: “When we first met the board, we were struck by their passion and strategic vision, which has clearly driven their impressive growth in such a short time. It was an easy decision to extend our support for Martin and the team as they move quickly to seize on new opportunities and invest in driving growth.”
Business introductions
Community Foods were originally introduced by Richard Massing, director at Kingswood Corporate Finance. Legal advisors to Praetura were Squire Patton Boggs led by Claire Shepherd and legal advisors to the company were Gateley led by Chris Jones.
Meanwhile, Hilltop Honey has obtained a £10m banking package from Santander UK to help boost trade in the United States, the Middle East and Australia.
The Santander funding package includes stock finance, FX facilities, invoice finance, and the refinancing of a term loan, providing Hilltop Honey will the working capital to accelerate global expansion, hold more stock and drive recruitment.
