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£20m loan secured by Graham's

GRAHAM'S The Family Dairy has signalled its ambition to drive sales in England and extend its product range after securing a £20 million funding package with Royal Bank of Scotland (RBS) and Lombard, the bank's asset finance arm.

The deal comes as the Bridge of Allan-based farming and dairy business, which switched to RBS in March, expects turnover to have reached £82 million in the year ending March this year.

The package includes £7.7m of loan funding from the bank, an £8m facility from its invoice finance division and £4.8m of asset-based finance from Lombard.

Graham's, which employs 420 staff, said the funding will help it to build its share of the cream and butter markets and new product ranges. It is also seeking to grow sales down south, which currently accounts for 15% of revenue.

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