Arbuthnot Commercial Asset Based Lending has been praised for its role in the takeover of an Abertillery-based ready meals supplier from the NHS by Joubere Food Group.

Founded in 1984, Tillery Valley Foods is one of the region’s largest companies, employing more than 310 people at its five-acre manufacturing site in the Cwmtillery Industrial Estate. It has an annual turnover of over £ 30million.

The company produces and supplies meals to over 120 hospitals and healthcare groups across the UK, as well as catering services to organizations and a number of high profile events.

Tillery Valley has its own in-house team of dietitians and offers nationwide overnight delivery service year round from its own distribution fleet.

Joubere, which is backed by mid-sized private equity firm Cable Capital Partners, is based in Dorset. It manufactures and sells chilled and ambient soups, sauces, broths and sauces to the retail and food service industries.

The deal was struck earlier in the year.

Arbuthnot structured a flexible finance facility to support the acquisition of Tillery Valley Foods, with the package combining a revolving invoice discount line, a plant and machine loan, and a Recovery Loan Scheme (RLS) facility.

Stephen Bolton, Chairman of Joubere Food Group, said: “We have worked with various financiers in the past, and traditional banks are always very demanding in terms of the pace at which they operate and the degree of flexibility they offer.

“The appeal of Arbuthnot Commercial ABL was that we believed they could address these critical factors for the acquisition. “

Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, added: “This is an exciting and highly complementary acquisition that will serve as a platform for Joubere to build a significant food group, both through a organic growth and future targeted acquisitions.

“Once again, speed, flexibility and support were essential to the success of this transaction. We look forward to supporting the Joubere and Cable teams as they continue to drive growth.

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