Devon food brand The Black Farmer is planning to expand its presence on the high street after securing £1m.
Founded in 2004 by Wilfred Emmanuel-Jones, the company now has annual turnover of £10m. The business is being backed by Bibby Financial Services and has elected to handle its own credit control as part of the deal.
Mr Emmanuel-Jones, who was awarded an MBE in December 2019 for services to farming, has worked over many years 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.
He 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.”
The transaction was led by Colin Johnson, corporate manager at Bibby Financial Services. He said: “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; and underwriter Andrew Strike.
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