Newberry International Produce closed on a $4 million facility provided by the Royal Bank of Scotland.

A £2.9 million ($4 million) asset-based lending facility has been structured against the UK-based Newberry International’s invoices and inventory to assist the rapid growth of the business which has a turnover in excess of £10 million ($14 million).

The company has embarked on significant growth plans which include the addition of a new factory site next to the existing one on Newent Business Park in Newent, Gloucestershire, which will be used to bring production over to the UK from Europe. This should, in turn, create 10 new jobs by the end of the year. International expansion is underway as the company is exporting its products to Australia, the Middle East and many European countries as well as the launch of a new frozen protein smoothie.

“This is a really exciting time for both businesses. The frozen fruit and vegetable market is continuing to expand as the focus remains on nutrition and healthy eating which is presenting us with a variety of opportunities, both at home and overseas,” said Gill Pearson, Newberry’s managing director. “Opening a new factory based in Newent is also important and brings new jobs to my local area.”

Newberry International Produce specializes in the import and export of frozen fruit and vegetables for the food manufacturing sector.