Healthy snack supplier Country Products has recruited a number of new employees and boosted turnover after agreeing an invoice financing deal with Yorkshire Bank.
The 32-year-old Harrogate-based business, which distributes wholefoods to independents, delicatessens, supermarkets and petrol stations, among others, has seen trade rise by 14.7% since the agreement was signed a year ago. Sales are set to rise from just more than £1.5m for the year ended April 2014 to £1.72m for the current financial year.
According to MD Mark Leather, the invoice financing process had been “instrumental” in accelerating business growth at the company, which has also appointed five staff – three of those in 2015 – over the past 12 months.
“I’m fortunate in that during the 32 years Country Products has been up and running, 31 of those have seen growth but it has always been very steady,” Leather added.
“The invoice financing has taken a lot of worry out of the logistics and supply chain side of the business – I no longer have to worry about outstanding invoices and inventory build-up – my business and turnover are now growing a lot more rapidly and far more organically.”
Country Products purchases imports including nuts and dried fruits in bulk and creates and packs snack mixes which are then sold by retailers.
The business has moved to larger premises five times since its inception, installed four automated production lines and expects to open up an additional line later this year.
“Country Products is a prime example of an organisation freeing itself up from financial and operational constraints so that it can operate at optimum capacity and unleash its full potential,” Rick Warburton, Head of Yorkshire Bank’s business and private banking centre in York, said. “The invoice financing has freed Mark up to concentrate less on admin and more upon capitalising on the opportunities available to him.”
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