Tuesday, August 9, 2022

Agri-feed manufacturer secures refinance package to support growth and sustainability plans

Agri-feed company, GLW Feeds, has sealed a refinancing deal with HSBC UK to support the company’s future growth and to enhance its sustainability credentials.

Founded in 1873, Charnwood-based GLW Feeds is one of the largest independent, family-run livestock and speciality feed manufacturers in the UK. The deal with HSBC UK will provide the company with additional working capital and allow the business to expand its facilities and invest in new machinery.

The support from HSBC UK will ensure the longevity and sustainable growth of the 150-year-old company. It will enable GLW Feeds to invest in state-of-the-art milling equipment and technology which will allow the company to meet increasing market demand and further its commitment to British Agriculture and the Environment.

GLW Feeds have been actively working towards reducing their carbon footprint and maximizing their environmental sustainability through increased capacity coupled with more energy efficient production processes.

The company now sources c.70% of major raw materials locally to the mill and has already enrolled in global sustainability schemes with other raw materials. Furthermore, a new CHP plant will allow GLW Feeds to continue to reduce their carbon footprint through energy consumption and increase their overall energy efficiency per tonne of feed produced.

Jamie McDonagh, finance director at GLW Feeds, said: “From the initial meeting with relationship director Phillip Carr and the wider team from HSBC UK, the enthusiasm, sector knowledge and support they had for GLW Feeds was clear and we instantly knew they were the banking partner we needed. We now look forward to working closely together as we implement our growth strategy.”

Debbie Harper, HSBC UK area director for East Midlands corporate, added: “By working collaboratively with HSBC UK’s head of agrifoods Allan Wilkinson, we are delighted to welcome GLW Feeds as a new client. The banking facilities provided give increased liquidity and flexibility for the business in support of the exciting, and sustainable, future growth plans.”

In the past five years, GLW Feeds has completed mill renovations to facilitate growth and meet increasing customer demand, which has seen turnover grow by 30 per cent.

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