Laila’s secures seven-figure finance deal for growth

Laila’s Fine Foods has secured a seven-figure asset-based lending facility to support its ongoing growth plans.

The Bispham-based business manufactures 260 pre-prepared food ranges and employs more than 350. 

The coronavirus pandemic caused a surge in demand for its ready meals, but Laila's didn't have the ready resources to ramp up production quick enough. PMD Business Finance assessed the existing facility and identified an opportunity: switching invoice finance providers to save costs and increase facility size.

Mark Millhouse commented: "The Invoice Finance Facility Laila’s Fine Foods had in place was restrictive in the amount of funds it generated and had far too onerous levels of administration as a condition. PMD Business Finance quickly identified a lender with sector experience and an old-fashioned approach to underwriting, putting the people at the heart of the facility. 

"Despite the COVID-19 crisis, a survey was able to be done remotely and e-documents signed resulting in no additional time lost. The deal completed within two weeks from first meeting and Laila’s Fine Foods now has the required headroom in the facility to allow them to grow."

Zera Dawson-Gerrard, technical and commercial director at Laila’s Fine Foods, said: "We have had a number of challenges over the past 18 months, with Brexit and now COVID-19, PMD Business Finance worked tirelessly to fully understand our business and secure the financing that we needed to support our growth ambitions.

"We are able to remain close to our customers during these uncertain times and are able to keep up the quality of service that we are used to delivering.’

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