OakNorth, the leading digital bank for entrepreneurs, by entrepreneurs, has provided a £7.5m revolving credit facility (RCF) to leading livestock feed manufacturer, Harbro.
Founded in 1977 and headquartered in Aberdeenshire, Harbro is renowned for its expertise in precision nutrition and specialty feed solutions and is focused on improving animal performance and its customers’ profitability. With a manufacturing capacity of 280k tonnes from sites based in Scotland and England, which sees it serve over 8k farms across the UK, the business produces high quality livestock feeds for beef, sheep, pig and poultry. Running alongside its manufacturing operations, Harbro also offers a convenient and efficient on-farm mobile milling, mixing, and processing service, which allows farmers to produce sustainable diets, utilising home-grown cereals. In January 2025, Harbro partnered with Convent Capital, an investment firm specialising in the agri-food sector, to grow its presence in the UK agriculture supply market. The £7.5m RCF from OakNorth will further support this long-term growth, including the refinancing of existing debt and the funding of working capital.
Ross Baxter, CFO of Harbro Group, commented on the transaction: “Building further on our recent partnership with Convent Capital, this funding from OakNorth will strengthen our financial position and gives us the flexibility to continue investing in innovation, sustainability, and expansion. Michael and the team at OakNorth operated at speed and showed a deep understanding of the agricultural sector, which made them the ideal partner for us, as we enter our next phase of growth.”
Michael McGregor, Director of Debt Finance at OakNorth, added: “Harbro is a market leader in an essential and resilient industry, with a proven track record of performance and sustainability innovation. The management team’s strategic vision, combined with Convent Capital’s backing and the expected growth in the livestock feed market over the next four years, positions the business well for both organic and acquisition-driven growth. We’re delighted to support its continued success and look forward to watching its growth journey in the future.”
Read the orginal article: https://ffnews.com/newsarticle/funding/oaknorth-completes-7-5m-revolving-credit-facility-to-aberdeenshire-based-livestock-feed-manufacturer-harbro-to-support-future-growth/
