UK-based animal feed manufacturer BOCM PAULS has secured a US$116.4 million (£77 million) asset-based lending package with Lloyds TSB Commercial Finance to continue investment in production, according to a company press release.

BOCM PAULS, headquartered in Suffolk, produces more than two million tons of cattle, pig and poultry feed annually for livestock breeders in the UK and Europe. The refinancing package is secured against the value of BOCM PAULS’ sales ledger, property, plant and machinery and includes a £55 million accounts receivable facility.

James Powell, finance director of BOCM PAULS, said the funding package will support the company’s growth strategies.