Wyelands Bank completes trade finance deal for global peanut supplier.
Wyelands Bank, set up to help small and medium businesses, has completed a trade finance deal for Canon Garth, a global supplier of peanuts. The deal, worth up to USD 12 million annually, will help Canon Garth to trade, grow and create jobs.
Canon Garth sources peanuts from South America and supplies to multinational confectionary and refreshment brands across Europe. This additional working capital provided by Wyelands Bank will enable Canon Garth to fulfil more orders while continuing to pay its long-term suppliers on time.
The firm, part of the global coffee and peanut supplier CTCS Group based in Kent, is required to pay its suppliers on shipment against documents. Given the number of days sail time to the final destination and payment terms provided to the buyers, working capital can be held in trades for up to 120 days or more.
Wyelands Bank’s facility provided to Canon Garth will eliminate the working capital gap and enable the firm to complete more orders and ultimately grow the business.
David Locking, head of working capital solutions from Wyelands Bank said: “Canon Garth is a great business that has developed strong relationships with its suppliers and customers over a 24-year history.
“At the heart of these relationships is the firm’s track record for paying on time. We’re delighted to provide the working capital needed to ensure the firm can continue to meet these commitments while fulfilling more orders, growing its business and creating jobs.”
Tom Snoek, managing director from Canon Garth, said: “We are delighted to be working with Wyelands Bank and look forward to a long and fruitful relationship.”