Greenvale sows the seeds of growth with Clydesdale Bank

Greenvale Holdings PLC group ("Greenvale") - the UK's leading supplier of fresh potatoes - has been taken into private ownership with the help of Clydesdale Bank's Specialist Finance Team in London.

The group has been acquired by Produce Investments Limited for an undisclosed sum. Produce Investments Limited, chaired by Barrie Clapham, is a company established specifically to acquire and grow the Greenvale business.

Greenvale, with a turnover of over £130m and over 700 employees, supplies a range of fresh potatoes and potato products to leading retailers, caterers and food processors. The group, which was given a Queen's Award for Innovation this year, has sites in the major potato growing areas across  the  UK,  with three state of the art potato-packing operations in  Shropshire,  Berwickshire  and  Cambridgeshire.

Greenvale  is  one  of the few businesses in the UK able to supply the high volumes,  range,  agricultural  expertise  and  traceability  now  required by the leading retailers.  The group markets the potatoes grown by the UK's largest potato co-operative, thereby guaranteeing year round continuity of supply to its customers. It also supplies the agricultural sector with branded seed potatoes and has been successful in bringing a number of successful varieties to the market.

Paul Argent, director, Specialist Finance, Clydesdale Bank, London, who led the deal for the Bank said "Greenvale is a highly successful market leader and Clydesdale Bank is delighted to be working in partnership with the group going forward. From a position of mutual trust and understanding and using Clydesdale's acquisition finance expertise and strong presence in the agricultural sector, we were able to tailor a financing package that precisely matched the needs of Greenvale and Produce Investments Limited."

Alan Owens, chief executive of Greenvale said, "Clydesdale Bank have an
excellent reputation within agriculture and agricultural related industries. We are proud to be working alongside them in exciting times for Greenvale AP."

Barrie Clapham, chairman of Produce Investments Limited said, "Produce Investments are delighted to be involved with one of the UK's leading suppliers of fresh potatoes and potato products. We look forward to providing complementary skills and resources to a management team that we regard as the best in the industry, to enable them to take advantage of the exciting opportunities that exist for the business.

"Clydesdale have taken the time to understand the company and to provide a structure that suits the business and we look forward to working with them to grow the business still further".