Photograph: (Left to Right) Phil Trueman, Harriet Gibbs and Steve Humphrey
Reward Finance Group has provided a £2.3m tailored business finance facility to the Tuber Group, to help accelerate its business growth through the acquisition of a leading fresh produce business – MyFresh.
Tuber Group trades globally across a wide range of commodities including fresh and frozen produce, to supply B2B and retail clients, whilst MyFresh is the UK’s largest ingredients-focussed, prepared fresh produce business.
Commercial finance broker, Reach applied a unique three-layered funding approach totalling £4.8m to finance the deal, with £2.3m supplied by Reward, which provides tailored business loans and asset based solutions between £50k and £5m to SMEs across the UK. In addition, Reach secured a further £2m as an ID line and £500,000 in asset finance from Ultimate Finance.
Harriet Gibbs, Business Development Director for Reward Finance Group, said: “Being able
to finance an acquisition of this scale demonstrates the speed, flexibility and size of our
lending facility and is a significant milestone for the Tuber Group. It is hugely satisfying to see that we’ve played a pivotal role in helping the Hull-based company acquire a leading player in the fresh produce market that will pave the way to accelerating its future business growth.”
Phil Trueman of Reach who brokered the deal, added: “We’ve been working with the Tuber Group for a number of years and know it inside out. After the in-depth analysis of the situation and the business needs, we pulled together three different lines of finance to meet the target amount.”
The deal was initially supposed to be completed by the end of April but delayed due to complications. Whilst it was challenging during this time to keep all the parties aligned, Reach had to adapt the funding requirement and worked closely with Reward and Ultimate Finance to accelerate the process and accomplish the deal within ten weeks.
Talking about the funding experience Steve Humphrey, Managing Director of Tuber Group, said: “Phil provided a huge amount of support throughout, not only to calm our nerves, but also to find the right funding provider.”
“The acquisition of MyFresh was significant to our business due to its established presence in the vegetable processing industry. We are, as always, pleased with Reach’s support and look forward to working with them on future deals.”