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tomatoes growing in the background with crate of tomatoes close to the camera

Rickitt Mitchell advises APS Group on £25m growth funding

APS Group, the UK’s leading supplier of British tomatoes to the High Street, is pleased to announce that it has secured facilities of £25m with Shawbrook Bank, which will support APS Group in its continued growth.

Brian Higgins, Partner at Rickitt Mitchell, commented: “The funding environment for businesses is more complex than ever before, with a large number of bank and non-bank debt funders providing a wider range of debt products than previously. After a competitive process we were able to provide APS with several strong options that were tailored to their requirements and reduced their borrowing costs.”

Shawbrook Bank emerged as the leading contender given its local presence, breadth of offer and ability to propose a flexible structure within a timeframe that matched the Group’s requirements. Simon Carrier of Shawbrook Bank commented “The deal team we assembled here at Shawbrook in Manchester spent a lot of time with APS to understand how their commitment to service, investment in growing facilities and approach to maximising crop yield have resulted in them becoming the UK’s largest tomato producer. Structuring the right facility, taking into account the seasonal nature of the business, was then key and I’m delighted that we’ve delivered exactly what we said we would – quickly.”

Shawbrook Bank was advised by Squire Patton Boggs, with due diligence support from FRP and property valuation support from the leisure and trade-related team of Savills (UK) Ltd. APS Group was advised by Rickitt Mitchell & Partners and legal advice was provided by Knights plc.

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06.01.20