Major horticulture group supported by Metro Bank with £18m investment

Metro Bank has provided Newey Group with £10m of senior debt; a £7m invoice finance facility, £1m of working capital, as well as a £500k asset finance solution.

All of these should enable the company to further expand its trading and agriculture.

Newey Group is one of the UK’s largest propagators and growers of protected ornamentals. The company operates across 21 sites in the Midlands, West Sussex and Portugal, producing over 300 million plants per year and supplies to companies such as B&Q, Homebase and Wyevale.

Mark Stokes, managing director of commercial banking at Metro Bank, said: “We were delighted to support Newey with a sophisticated funding package including invoice finance and asset finance all under one roof.

“In a short time-frame, our dedicated specialists were able to understand the company’s needs and provide it with a significant capital injection for its expansion plans.”

Metro Bank customers are supported by a team of relationship managers, who aim to provide industry-specific guidance.

Alex Newey and Martyn Thomas, Newey Group managing directors, added: “Metro Bank has a refreshing and dynamic approach to commercial banking.

“The team has understood our vision to become one of the leading agricultural companies in Europe and has allowed us to consolidate structures and grow market share. We’re excited for the future and look forward to strengthening our relationship with Metro Bank.”