A family-owned food manufacturer in Monmouthshire has secured a seven-figure finance package from HSBC UK to support its ambitious growth plans.
Abergavenny Fine Foods, which predominantly produces handheld snack and party food for UK food retailers, is using the funding to reinvest in new equipment and systems as the business looks to improve and automate its processes.
The funding from HSBC UK will also be used to further its product development activity, increase the number of food categories it produces, and invest in its 198-strong workforce.
Melanie Bowman, Managing Director of Abergavenny Fine Foods, said:
We started talks with HSBC UK late last year when we realised our existing funding structure wasn’t fit for a business that had grown 80 per cent since 2016. We were keen to find a long-term strategic banking partner that could provide funding to future-proof the business and that could grow and change as we did, and HSBC UK felt like the perfect fit.
Our relationship director Sian Williams really took the time to get to know our business and our complex finance requirements, which will help us remain competitive for our customers.
Warren Lewis, Head of Corporate Banking, Wales, HSBC UK, added:
Abergavenny Fine Foods has ambitious plans to grow to a £40m business in the next two to three years, which its previous funding structure wouldn’t have allowed. Our new facility is flexible and gives the team support and freedom while they take the next steps in their exciting journey. We look forward to continuing this new relationship for many years to come.
Abergavenny Fine Foods was one of the first food manufacturers to make gluten free fried party food and is now moving into the vegan food market. As well as supplying branded products to the main UK supermarkets, it also produces its own private label products branded as Rodeo Joe’s and Glorious Foods.