LANARKSHIRE based food manufacturer R&W Scott has agreed a new £500,000 funding package with Clydesdale Bank to assist with its future investment plans following a management buyout in 2018.
Originally established in 1880 by Robert and William Scott, when the firm began harvesting strawberries, over the next 100 hundred years it developed its offering to include chocolate flavoured coatings, speciality soft icings and bespoke confectionery fillings.
In 2005 R&W Scott was acquired by Real Good Food and remained part of the group until a management buyout was completed last year.
The firm employs around 100 people and operates from an 84,000 sq ft manufacturing facility in Carluke. The site incorporates chocolate refiners, drop lines, moulding plant, high volume bulk jam line, traditional jam pans and a speciality soft icings line.
R&W Scott saw revenue grow to over £12 million since the MBO and is a major supplier of value ingredients to the bakery, confectionery and retail sectors throughout the UK.
Michael Currie and Gemma Perfect from the Aberdein Considine corporate team provided legal support.
The funding was provided by Michael Mackie at Clydesdale Bank., with corporate finance advice supplied by Harry Linklater of HNH group.
Commenting on the deal Michael Hewitt, finance director, R&W Scott said: “This is a landmark deal for our business and comes on the back of an exciting first year as an independently owned company.
This additional funding will allow us to deliver on our strategy and put the foundations in place to grow the business over the next few years.
It was also vital to have a professional group of advisers behind us, all working closely together to support our investment plans.”
Michael Currie, Aberdein Considine 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.”
Michael Mackie, Commercial Relationship Manager at Clydesdale Bank added: “We’re delighted to be able to provide the funding which will help the business to take the next step in their development.”
Harry Linklater, HNH Group 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.”