Prima Cheese

CHEESY DOES IT

Helping a North East cheese manufacturer export to new markets

Prima Cheese Ltd, a food manufacturer is a family-owned firm, founded in 1997, and based in Seaham, County Durham. It specialises in blending cheese to make pizza toppings and burger slices. With a staff of 60, it supplies cheese products to wholesale food and catering businesses across the UK, as well as Europe and the rest of the world.

Prima has thrived in the last three years with exports helping to push us forward. We’ve seen impressive year on year growth, and are on target to deliver a revenue of £35m this year.

Andy Davis, Financial Director of Prima Cheese

KEEPING UP WITH DEMAND

Three years ago the company started to export to the EU, and is now trading with countries further afield including Peru, Lebanon, Iraq, Pakistan, Taiwan and Singapore. To keep up with demand, the company has had to hire 13 new staff in the last 12 months, which includes staff to boost the firm’s accounts, production and export teams.

The company initially approached Lloyds Bank Commercial Finance for an invoice finance facility in 2009, but having seen record growth, the firm needed to increase this to help the firm invest in its future growth.

We’re excited about being able to take the business into new export markets, and invest in our staff and premises to help us achieve that.

Andy Davis, Financial Director of Prima Cheese

SECURING THE CHEDDAR

Recognising the profitability of the business, Lloyds Bank Commercial Finance was able to provide an increase in the invoice finance facility. This funding will allow the business to overcome fluctuations in raw material prices, look for new export markets, and invest in staff and premises to support this. With exporting helping to boost profits, Prima Cheese’s turnover was £25m last year, and it is expecting to increase this to £35m in the next year.

Prima Cheese has focused on developing quality products and strong relationships with customers, while gathering intelligence about potential new markets for export and spotting new opportunities.

Graeme Waddell, Client Manager, Lloyds Bank Commercial Finance

SECURING THE CHEDDAR

Manufacturing support

Invoice finance facilities can help manufacturing firms manage their working capital, meaning they can invest in new staff, products and premises, by borrowing against outstanding invoices. This is an extremely useful tool and can play a key role in helping growth and expansion.

Commercial Finance provides a range of products that offer a flexible and secure way for businesses to raise the finance they need for expansion, growth, and other opportunities.

Graeme Waddell, Client Manager, Lloyds Bank Commercial Finance