Worcestershire-based garden timber product manufacturer Forest Garden has secured a new financing deal with?RBS Invoice Finance?(RBSIF).
It supports the fast growth at the business which has doubled its workforce in the past 12 months.
Headquartered in Hartlebury, the business has four other sites across the UK. It has expanded in recent years as a result of its acquisition strategy and a general increase in demand for its products.
Forest Garden has agreed an asset-based lending deal with RBSIF to support the company in its growth ambitions. The company previously held an invoice discounting facility with the lender but has refinanced its operations completely to generate the necessary working capital to support operations at a higher level.
Chief executive Guy Grainger said: “The last few years have been very positive for Forest Garden. We have experienced strong growth and in the last 12 months have taken on over 200 new employees, increasing the size of our workforce to over 500 people.
“Our current forecasts indicate that this upward growth trend is set to continue and as a result of this we knew that we needed to invest in the infrastructure of the business to ensure that such high levels of growth could be sustained.”
Gary Hemming, corporate relationship manager at RBSIF, added: “Forest Garden has gone from strength to strength in recent years and we are pleased that we have been able to help them with their working capital requirements.”