KBC Business Capital has signed a new deal with The Fresh Olive
Company to provide a £3 million (€3.5 million) asset based lending
(ABL) facility to the European olive supplier.
The funding, intended to finance working capital and support
Fresh Olive’s growth plans, consists of a revolving accounts
receivable facility as well as treasury, cash management and
day-to-day banking facilities.
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“In the toughest environment businesses have ever faced
for raising finance, KBC totally stood out from the crowd for us,”
said Adam Wells, co-founder of Fresh Olive. “They took a sensible
but pragmatic approach to risk, and provided a perfect working
capital solution that was highly competitively priced.”
Alan Austin, regional director for KBC Business Capital, added:
“We are very pleased to be working with Fresh Olive and to be able
to help with their expansion plans.”
Based in London, Fresh Olive has annual revenues of £18 million
and has been importing, packing and distributing olives and olive
oils, nut oils, pesto and antipasti to retail businesses,
restaurants, hotels and food manufacturers for over 18 years.
Jason T Hesse
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