February 04, 2019
Leading temperature-controlled storage company Magnavale have agreed a new funding package with Yorkshire Bank to help finance the growth the company is seeing. After a year of rapid growth, the group have increased sales by 35% in the last 12 months and have further plans for expansion over the next 3 years which will ensure that the current trajectory continues.
The Magnavale Group trades under the Rick Bestwick brand and operates from four facilities across the North of England providing multi-temperature storage facilities along with blast freezing, microwave and rapid air up tempering and a range of distribution and added value services.
The company has over 30 years’ experience in the sector and is investing in cutting edge technology to continue to provide exceptional service to its clients.
The significant growth vision for the company is supported by banking facilities provided by Yorkshire Bank.
Nick Vessey, Rick Bestwick Magnavale Group Finance Director, commented, “We are pleased to announce that after a long search and consultation period we have signed with Yorkshire Bank as our new funding partner. We needed a partner that could provide the backing we need to scale our business to the next level and provide the funding to develop ambitious projects that are already in the pipeline.”
Commenting on the deal David Burgess, Director Business Development, SME Cashflow Lending, Corporate and Structured Lending at Yorkshire Bank said: “We are delighted to support this long- established group who are providing excellent service to their clients, and this is behind the growth that the company is enjoying. There is a very strong management team at Rick Bestwick and we firmly believe that they have the knowledge to continue to grow the business successfully”
Chris Huntington, Director, Asset Based Lending, Working Capital Solutions, Yorkshire Bank added, ‘’We are pleased to be able to provide the funding platform for Magnavale Group to achieve their next phase of growth and we look forward to continuing to work with the management team.’’
Colin Taylor, Rick Bestwick CEO, added, “Yorkshire Bank have stepped in to provide the level of service we need to grow, and their backing is a vote of confidence in us, our business and our vision.”
“We look forward to starting 2019 together and embarking on an exciting period of development for the business.”