Gleadell Agriculture switches to Lloyds Bank

Gleadell Agriculture, one of the UK’s largest independent suppliers of grains and pulses, has switched its day-to-day banking to Lloyds Bank Commercial Banking.

The Gainsborough-headquartered trader has also 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 at six locations 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.

Following organic growth and strategic acquisitions such as Dunns, based in Long Sutton in 2012, it has reported a turnover increase from £88 million in 2001 to more than £415 million in 2014. It is jointly owned by ADM and Union Invivo.

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.”

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