Food firm R&W Scott raises £500k to support expansion
John Easton, chairman, and Michael Hewitt, finance director
Food manufacturer R&W Scott has agreed a £500,000 deal with Clydesdale Bank to support its investment plans.
The Carluke-based firm is a major supplier of ingredients to the bakery, confectionery and retail sectors and has seen revenue grow to £12 million since last year’s management buy-out.
Finance director Michael Hewitt said the new funding would allow the firm to deliver its strategy and grow the business over the next few years.
“This is a landmark deal for our business and comes on the back of an exciting first year as an independently owned company,” he said. “It was also vital to have a professional group of advisers behind us, all working closely together to support our investment plans.”
The firm employs about 100 people and operates from an 84,000 sq ft manufacturing facility in Carluke.
Michael Currie and Gemma Perfect from the Aberdein Considine corporate team provided legal support to complete the bank funding package.
Mr Currie said: “Working with a management team of such a high calibre, both on the MBO and this deal was a privilege, and it’s hugely rewarding to be playing a part in the future of such an exciting and ambitious business.”
Mr Mackie, commercial relationship manager at Clydesdale Bank, added: “The funding will help the business to take the next step in their development.”
Harry Linklater a director at HNH Group, provided finance advice and said: “It’s been a pleasure to see this exciting and long established business continuing to innovate and invest in the future, and we wish them every success.”
Established in 1880 by Robert and William Scott, when the firm began harvesting strawberries, the company was acquired in 2005 by Real Good Food and remained part of the group until the management buy-out.