KIRKBY-BASED food manufacturer Grosvenor Fresh Foods has become one of first companies in the North West to benefit from an extension of the Enterprise Finance Guarantee scheme (EFG).

The scheme now includes invoice finance providers, and this has allowed Fresh to secure a £100,000 loan from Royal Bank of Scotland Invoice Finance.

Following a change to the EFG scheme last October, invoice finance providers can now offer EFG loans as additional working capital against a percentage of a company’s debtor book.

Due to its varied customer base, which includes several schools and local authorities, Grosvenor has seasonal cashflow requirements, with the period up to Christmas being its busiest, and school holidays bringing a lull in trading.

The EFG loan provides sufficient working capital to cover both the peaks and the troughs.

The family-owned business supplies fresh meat and associated products to the catering trade, restaurants, hospitals and many local authorities including Liverpool City Council, Bolton Council and Manchester City Council. It is also the North West supplier of Halal meat products under licence to the Halal Food Authority.

Managing directorGraham Butt said: “The cyclical nature of our market means that we need a flexible working capital facility to cover the seasonal peaks and troughs.”