FOOD ingredients business Orchard Valley Foods has expanded its operations with the acquisition of Daventry-based Food Ingredients International.
Lloyds Bank’s SME team based in Hereford arranged £500,000 of medium-term funding to support the deal for the Tenbury Wells company, alongside an existing £1.5million invoice discounting facility from Lloyds Bank Commercial Finance, to support working capital requirements.
Mike Forrester, managing director of Orchard Valley Foods, said: “Orchard Valley is a well-established food ingredients business, providing a high quality service to its network of customers both here in the UK and overseas. The completion of this strategic acquisition will have a hugely positive effect on the business and its future ambitions.”
Mark Smith, relationship manager at Lloyds Bank Commercial Banking, added: "We’re passionate about supporting British business, and success stories like that of Orchard Valley Foods are the driving force behind economic recovery. We’re proud to support the business through this exciting period of expansion, and look forward to working with the business in the next stage of its growth and development.”
Founded in 2004, Orchard Valley Foods designs, develops and supplies confections, edible decorations and powder food ingredients for customers in the food manufacturing, wholesale, foodservice and retail sectors.
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