A significant credit facility has been agreed with the US-based Bank of the West in Portland, which, together with continued financial support of London-based UCM Timber plc, provides Meridian with the funding base to expand its business rapidly.

“The Bank of the West has recognised and supports our growth ambitions in North America and therefore, we are confident this is a new phase in a developing relationship,” said Mark Plews, Meridian chairman.

“The new facilities, allied with the continued support by UCM Timber plc, means that North American suppliers can see that Meridian Forest Products is a very serious customer with the resources to match and the ability to take strong and important positions.”