The Black Farmer secures £1m funding line from Bibby Financial Services to drive expansion
The Black Farmer Ltd, the multi-award-winning food brand, has secured a £1m funding line and specialist FX services from independent SME funder, Bibby Financial Services (BFS).
The additional capital supports the brand’s expansion into high street retail premises, and furthers the company’s overarching mission to offer premium quality, affordable British products.
Founded by Wilfred Emmanuel-Jones MBE, The Black Farmer Ltd is the result of a life-long love of British farming and a personal dream to own a farm in Devon. After becoming known to his neighbours as ‘The Black Farmer’, Emmanuel-Jones applied the sobriquet to his brand. He has worked tirelessly to support diversity in farming, setting up the Black Farmer Scholarship, which aims to help and encourage ethnic minorities to work in agriculture and rural communities. Established in 2004, The Black Farmer Ltd now has an annual turnover of £10m.
The business selected BFS as a funding partner because it was able to offer a higher funding line and advance rate than other third-party finance providers. As part of the deal, The Black Farmer Ltd elected to handle its own credit control. This gives the firm all the benefits of a factoring facility while maintaining ownership of its customer relationships.
Wilfred Emmanuel-Jones MBE, managing director of The Black Farmer Ltd said: “We’re a pioneering company leading the way for black British businesses and agricultural entrepreneurs. I’m passionate about maximising the untapped potential of small businesses and wanted to collaborate with a likeminded partner. We needed the confidence that our funder is both an expert in their field and committed to supporting our goals. BFS provided exactly that. They engaged with our ambitions from the start, working to understand our business. Their offer of an extended funding limit and a higher advance rate was a perfect solution and demonstrated their confidence in our business. We look forward to working with the BFS team as our business continues to grow.”
The transaction was led by Colin Johnson, corporate manager at Bibby Financial Services, who commented: “We’re excited to support The Black Farmer Ltd with its growth plans. Our deep understanding of the operational pressures facing small business owners means we could offer a greater level of liquidity than other funders and provide a solution tailored to meet the firm’s specific needs. Given The Black Farmer’s focus on international trade, the FX service we’re providing is a significant added value element of the overall deal we structured. It will enable The Black Farmer to streamline its operations and better protect its margins in the face of potentially corrosive rate variations.
The BFS deal team also included: Jennifer McGuffie, assistant corporate manager; Sasha Jones, onboarding; Ashley Weddle, underwriter; Andrew Strike underwriter.