The Aloe Water range
The Hertfordshire-based food and drink manufacturer is increasing its international footprint in Europe after agreeing a new contract with Aldi in Spain.
The new contract win was supported by a £6m funding package from Lloyds Bank Commercial Banking.
Grace Foods manufactures Caribbean, Oriental and Tex-Mex meals and drinks, and supplies its products to supermarkets, pubs and restaurants across the UK.
The company also exports its products to countries throughout Europe, including Germany and Spain.
The loan from Lloyds Bank will provide it with the capital it needs to continue expanding into key international markets.
The additional working capital will open up new export routes and help Grace Foods to maximise its growth potential.
After securing the funding, the business went on to win a £1m contract to supply its range of Aloe Vera water to Aldi in Spain.
Exporting is a central part of the company’s growth plans and, in the next five years, Grace Foods plans to sell 40% of its products outside the UK.
Grace Foods has an annual turnover of £85m and is owned by the GraceKennedy Group in Jamaica.
Adam Reader, managing director at Grace Foods, said: “The new funding from Lloyds Bank has given us the capital we needed to approach bigger companies overseas and further establish our products across Europe, which is fundamental to our growth ambitions.
“We’ve enjoyed a prosperous start to our relationship with Lloyds Bank and we look forward to working with it again in the future as we continue to grow.”
Derek Neill, relationship director at Lloyds Bank, said: “Grace Foods is a great example of a successful business that has established its brands in both the international and domestic markets.
“The new contract marks an exciting chapter for the business as it focuses on expanding its international reputation even further.
“We’re committed to helping Britain prosper by providing ambitious businesses like Grace Foods the working capital they need to reach and exceed their growth ambitions, both nationally and overseas.”