Based in Plymouth, a customer of Ros James & Co. is a specialist third generation crabmeat processing company that services wholesalers across the UK and international markets.
The company brings crabs from the Plymouth and Falmouth crab boats to its processing plant, producing the highest quality fresh crabmeat and a range of cooked and dressed crabs.
Brand new specialist premises
The company realised that their small premises on the fish market quay in Plymouth were no longer viable. Their bank was happy to support the purchase of the new premises, but they also required additional funding to fully kit out the new unit.
They spoke to their finance broker, Mike Plant at Ros James & Co. Mike undertook an in depth appraisal of the client’s needs and introduced them to Mark Gilman at Close Brothers Business Finance, who quickly appraised the situation and the assets required to get the business up and running in the new unit.
Leveraging the value of existing assets
Close Brothers recognised the value of the company’s existing unencumbered plant and machinery, and structured a refinance deal to raise £85,000.
Commenting on the deal, Ros James said: “Close Brothers is a quality bank that understands commercial processes and production systems. Mark was quickly able to understand how our customer operated and in my experience, few other lenders have got that level of understanding of specialist systems.
“I enjoy working with Close Brothers; they’re always very professional and very quick. I have nothing but respect for them and how they do business.”
Improved efficiency and productivity
The company is now operating from its new premises that can house larger machines, thus improving the business' efficiency and allowing it to increase its international contracts.
The company Director said: “Our bank was able to fund the investment on the new premises, but we needed more support for assets such as refrigeration units, sterilisation equipment and a specialist resin floor.
“We couldn’t have purchased those business-critical items without the help from Close Brothers. They were able to appraise our needs and provide the funding very quickly – it really was effortless as far as I’m concerned.”