£12m funding package fits the bill for Cherry Valley
Lincolnshire duck catering supplier, Cherry Valley, said it has “secured its future growth” after securing a £12m finance deal with Lloyds Bank Corporate Markets. The company, which has a 75 per cent share of the UK duck market, was acquired from Nickerson Group Rothwell by Thai duck specialist, Bangkok Ranch Group earlier this year.
The company said that the multimillion-pound trade finance package will provide a platform for the development of the business.
Established in the village of Rothwell in 1959, Cherry Valley sells more than eight million ducks every year. The company hatches its own eggs and employs Lincolnshire farms to rear the ducks to the highest welfare standards.
After acquiring the business earlier this year, the new owners said that they wanted a finance package which would “reflect the firm’s change of ownership and meet the needs of the business going forward”.
John Haycox, relationship director for Lloyds Bank Corporate Markets in the East Midlands, said: “Cherry Valley is a leading authority on duck rearing and production and has been a much-valued customer for over 50 years. Since its inception the business has gone from strength to strength thanks to the strong leadership and expertise of the company’s management team.
"It is this, along with Cherry Valley’s world-class breeding stock, which attracted the attention of Bangkok Ranch and which makes the company such an excellent ambassador for businesses in the East Midlands. This deal is good news for Cherry Valley, local farmers and the local economy.”
Kate Butler, financial director for Cherry Valley, said: “Lloyds Bank has been very supportive to us over the years and we were extremely keen to keep the team on board as we embarked on this new chapter with Bangkok Ranch.
"The bank has proven its knowledge and understanding of our industry, as well as the local and international markets in which we operate. We were delighted that John and Terry were able to tailor a competitive finance package to meet our requirements and look forward to working with them and their team as our business develops.”
