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Shropshire Business Talk: Helping food and drink firms to be fleet of foot

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As food and drink production continues to outperform other UK sectors, Richard Jenkins, Area Director for Shropshire at Lloyds Bank explains how the region’s businesses can ensure they meet surging demand.

The latest Lloyds Bank UK Sector Tracker has found that UK food and drink producers saw output grow at the fastest pace of any monitored sector in August, its second month of consecutive growth.

All this comes shortly after food distribution giant Harlech announced that it is set to create an additional 150 jobs at a new depot in Telford. Of course, as the region’s food and drink sector continues to go from strength to strength, this is a positive outlook that firms will naturally want to lean into. Busier periods, businesses must ensure they have a healthy working capital position and that’s why more firms are considering financial products like invoice finance and asset-based lending tools - to help fuel their growth plans.

For food and drink businesses that sell directly to retailers, restaurants and bars, an important practical way to maintain a healthy cashflow is to invoice and collect debts on time. But this isn’t always possible. Invoice finance can help here, as it allows suppliers to release up to 90 per cent of the value of their invoice book, typically within 24 hours so it is a perfect option for wholesalers awaiting payment for a big order.

 

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