The Authentic Food Company, which supplies premium quality frozen international ready meals and snacks, has expanded its relationship with RBS as part of its on-going growth and investment plans.
The Stockport based firm, which saw turnover rise 10% to £40m and pre-tax profit rise 15% to £2.4m for the last financial year, has refinanced existing £7.5m debt facilities with the Manchester team at RBS Corporate & Institutional Banking (RBS CIB).
Authentic Food Group’s Nik and Kamal Basran
The Authentic Food Company has developed an extensive portfolio of products focused primarily on Indian, Chinese and vegetarian cuisine, and distributes to UK supermarkets and retailers as well servicing the major pub chains, hotel chains and independents.
The family run firm was started in 1985 by Kamal Basran and over the past 28 years has grown into a major player in the UK food services market.
Under the leadership of Nik Basran since 2007, the business has seen turnover rise from £23m to £40m following investment in its product range and production facilities. It has invested over £4m over the past three years in its production capabilities and has begun to realise opportunities in non-UK markets: revenues from exports to European Union countries grew 65% in the last financial year to 31 May 2012.
The Authentic Food Company has banked with RBS CIB for over 20 years. The new £7.5m refinance deal with RBS also includes an Asset-Backed Lending facility with RBS Invoice Finance and increased facilities with Lombard, the UK's largest leasing and asset finance provider.
Nik Basran, managing director at The Authentic Food Company, said: “Our success is down to our strong values, a commitment to our clients and a focus on high quality ingredients and products.
“We are delighted with the relationship we have with the Royal Bank of Scotland – it is a valued partner and has provided strong support and business insight to us. As we enter a new growth phase the bank has been able to provide a wider range of services to help us realise our growth aspirations.”
Christopher Yau, relationship director at Royal Bank of Scotland Corporate & Institutional Banking in Manchester, said: “Nik Basran and his team have successfully fostered a very strong brand and excellent relationships across the retailing, catering and food service industries in the UK and, more recently, abroad.
“Royal Bank of Scotland has supported the business over the past 20 years and we’re delighted to be able to use the breadth of RBS financial services to support it going forward.”
Find out more about TAFC at theauthenticfoodcompany.com