- Inverness-based Swansons Fruit Company has secured a £400,000 loan from the Royal Bank of Scotland.
- The funding has enabled the employee ownership trust to repay deferred monies to the previous owner and take full ownership of the business.
- The deal will allow employees to benefit from the company’s success earlier than originally planned.
Swansons Fruit Company, the Inverness-based fruit and vegetable wholesaler, has secured a £400,000 loan from the Royal Bank of Scotland to complete its transition to employee ownership.
The funding is being used to repay the remaining deferred consideration due to the company’s previous owner, following the employee ownership trust agreement reached in 2021. By restructuring the outstanding sum over a manageable term, the deal allows the trust to take full ownership of the business and enables employees to benefit from its future success sooner than originally planned.
Established in 1991, Swansons Fruit Company supplies fresh, local produce to customers across the North of Scotland, including public bodies, retailers and hospitality businesses. The company operates from Inverness, Nairn and Elgin, employs 40 people.
The business plans to build on existing contracts and pursue new opportunities to deliver steady growth, while maintaining its focus on customer service and a wide range of fresh produce.
Gavin Maxwell, Senior Relationship Manager at the Royal Bank of Scotland, said, “Swansons Fruit Company is a long-established Highland business, and its employee ownership model puts its people at the heart of its future. We are pleased to provide a funding solution that completes the transition to full employee ownership and gives the business a strong platform for its next phase of growth.
“Our local relationship with Swansons has helped us understand its priorities and put in place a structure that supports the trust, the company and its employees over the longer term.”
Scott Air, Managing Director of Swansons Fruit Company, said, “Becoming fully employee-owned is an important milestone for Swansons and for everyone who works across the business. This funding gives us a clear and sustainable structure for the future, allowing our employees to benefit from the company’s success faster.
“We have built the business around strong customer service, a broad range of quality produce and daily deliveries across the North of Scotland. With the support of the Royal Bank of Scotland, we can now focus on building steady growth by better serving our existing customers and pursuing new opportunities.”