Farming News - Perthshire potato business secures £1 million from HSBC UK to increase production

Perthshire potato business secures £1 million from HSBC UK to increase production

01 Apr 2020
Frontdesk / Arable / Finance

A Perthshire farming business that supplies table and seed potatoes to the UK, Europe, North Africa and Middle East is modernising its operating processes after securing £1 million in support from HSBC UK.

Muthill-based FIMM Potatoes will use the facility to purchase a best-in-class optical potato grader. The huge multi-level, fully automatic potato sorter (approximately 50 x 30 metres) includes innovative technology and intelligent controls which will help increase throughput by up to 100 per cent.

The new equipment will also relieve FIMM’s 10-strong team from much repetitive manual labour, allowing them to focus on additional duties and developing technical skills to help the business continue to innovate and grow.

Mike McDiarmid, Director at FIMM Potatoes, said:

“We have a young and talented management team in Mitch Hayfield and James McDiarmid who are driving the business, continually looking at ways to improve efficiency on the farm. It is an important time for the sector and the new optical grader will modernise our equipment and help to safeguard the business.

“HSBC UK has a strong understanding of the agriculture landscape and they were very supportive of our short and long-term plans for growth and seeing the benefits our proposed developments will make to the business.”

John Robertson, Agriculture Director for East of Scotland at HSBC UK, said:

“FIMM demonstrated a clear strategy for improving and growing its operations. We were delighted to help with the purchase of the new grader which will have a hugely positive impact on the business and its customers.”

The finance was allocated from HSBC UK’s national SME Fund, which aims to actively support UK businesses realise their ambitions for growth and navigate Brexit. The new £14 billion SME Fund has recently been announced by HSBC UK, with £650 million committed to supporting SMEs in Scotland.

HSBC UK has announced a package of support for businesses dealing with COVID-19:

  • £5bn to help businesses that need support
  • Preferential financial solutions for ventilator businesses
  • Coronavirus Business Interruption Loan Scheme launched
  • £100 Small Business Loan fee waiver
  • Relationship managers proactively contacting customers to see what help their businesses need
  • Launching a helpline to support any customer queries (08000 121 614, open 9am – 5pm Monday to Friday)
  • Offering repayment holidays to free up cash within businesses
  • Reviewing overdrafts or trade loans to allow stock to be held for longer
  • Providing trade finance solutions to support customers with their supply chains