Framptons, the £43m turnover, Shepton Mallet based manufacturer of egg products and processor of liquid products is to invest in new products after securing £7 million.
The funding came from Leumi ABL, which agreed to provide a £7m Asset Based Lending funding line.
The funds enable Framptons, which was bought by the current team in a management buy-out in 2014, to invest in further new product development for foodservice customers and for specific capital expenditure projects.
Jason Holland, Regional Sales Director in the Midlands, commented: “This is a typical ABL deal for us. Framptons is a long established business in the South West which continues to grow and the existing clearing bank were unable to provide the level of support required. It is a well-controlled business with strategic direction in a particularly lively sector.”
Allan Staples, Finance Director at Framptons, said: “We had discussions with other finance providers but Leumi ABL were very proactive in helping us through the process. They worked closely with us to understand our requirements and were keen to find a solution that would work for our business. They were also rigorous in making sure everything was in place so that the deal could be finalised as smoothly and promptly as possible.”
