Worcester’s Fine Agrochemicals receives £2.6m from Lloyds Bank

Fine Agrochemicals, a Worcester-based manufacturer and supplier of plant growth regulators to the fruit and flower industries, has secured major investment from Lloyds Bank.

As some of its products are used seasonally, the company often doesn’t receive payment until a year after goods are purchased, once they’re ready to be delivered to customers.

So to help smooth out their cashflow, the team at Fine Agrochemicals turned to Lloyds for £2.6 million trade finance funding, backed by UK Export Finance.

The funding has helped the business manage the length of time available to customers to pay for their orders – attracting new clients in the process.

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Martin Prichard, director of finance and administration at Fine Agrochemicals, said: “We know that the competitive credit terms we’re able to offer play an important part of attracting new business, as well as maintaining loyalty in our current customer base.

“This is especially true for our USA customers who, in our experience, often find our longer payment terms as appealing as the price of the product itself.

“Investing in research and development is also an important factor for business growth in our sector.

“New products can take up to seven years from inception to registration approval for commercial sale, which means that a key part of the business’ growth plans will come from building a pipeline of new innovative products for the future.

“By supporting our working capital requirement, Lloyds Bank has enabled us to maintain a competitive advantage in the marketplace and we truly value the support they provide.”

Founded in 1983 by two ex-Imperial Chemical Industries employees, Fine Agrochemicals now employs 40 people across 10 different countries.

Mark Smith, relationship director at Lloyds Bank, added:“Growing a business can be daunting, but Fine Agrochemicals is making it look simple through managing its operational costs, investing in research and fostering strong relationships with its customers.

“At Lloyds Bank we’re on hand to help businesses trade more efficiently, offering support such as our trade finance funding to help manage cashflow and differences in timing for the import and export of goods.

“We’re working by the side of firms across the West Midlands to create opportunities for growth, and Fine Agrochemicals is a great example of a business that’s been able to unlock the working capital they need to do so.”

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