Gainsborough: Grain suppliers have secured a £25m funding package after switching to Lloyds Bank

The business's port facilities in Immingham showing 66,000ft of feed wheat being loaded up for export.
The business's port facilities in Immingham showing 66,000ft of feed wheat being loaded up for export.

Gleadell Agriculture has switched its day-to-day banking to Lloyds Bank Commercial Banking and secured funding to invest overseas.

The Gainsborough-headquartered trader has secured a funding package with the Lloyds Bank Mid Markets and Strategic Finance teams in Yorkshire, comprising a £25 million working capital facility.

Founded in 1880, Gleadell and its wholly owned subsidiary, Dunns, employs around 130 members of staff across the UK, as well as port facilities at Great Yarmouth and Immingham.

It is the largest trader of organic grain in the UK and leading exporter of grains, oilseeds and pulses to markets in the EU and globally, counting household names such as Hovis, Weetabix, Princes and Carlsberg among its longstanding customers.

Mike Thompson, Financial Director of Gleadell Agriculture, said: “Turning to Lloyds Bank for our day-to-day banking shows our ambition and aspiration for the future of Gleadell Agriculture and Dunns.

“The bank has proved its expertise in the agriculture sector in its previous support of our acquisitive strategy and has strong international trade capabilities, putting us in an ideal position from which to invest in key areas of the business.”

Adam Barraclough, Relationship Director at Lloyds Bank Commercial Banking, said: “The impressive performance and growth of Gleadell Agriculture over recent years is testament to the experience and capabilities of its management team.

“The new banking facilities we have put in place affords the business considerable headroom to take advantage of opportunities and future proof themselves against possibility of grain price fluctuations. We look forward to working with the team in a dynamic market to ensure their ongoing success.”