UK-based Hilltop Honey has received £10m ($13.2m) in funding from banking group Santander with an eye towards expanding globally.
The funding package includes stock finance, foreign exchange facilities, invoice finance and the refinancing of a term loan, which will “accelerate the honey producer’s continued international expansion to boost trade in the US, the Middle East and Australia“, according to Santander UK.
Go deeper with GlobalData
The UK bank said that “the additional funding will allow the business the working capital required to excel their growth will allow them to hold more stock and drive recruitment as the business continues to grow”.
Hilltop Honey is listed in Walmart Marketplace and Amazon US via Infinity Blue across the pond. In the UK, Hilltop supplies Tesco, Sainsbury’s, Co-op and online retailer Ocado, among others.
Scott Davies, founder at Hilltop Honey, said: “The team at Santander has demonstrated an excellent understanding of our business, creatively supporting Hilltop with their US offering, namely with Walmart and Amazon Marketplace.
“As we look to the future, we are very happy to have a banking partner who can fully support our strategic objectives.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEstablished in 2011, Hilltop Honey claims it is the second-largest honey producer in the UK by volume and the fourth-largest in Europe. The honey producer employs circa 130 people and its plant in Newtown, Wales has a processing capacity of around 30,000 tonnes of honey a year.
In 2017, Hilltop Honey received £368,000 from NatWest Bank as it looked to expand production in new premises.
In the company’s last full-year results to 31 August 2023, it reached sales of £33m, up from £20m the year before. It is now “forecasted to grow to £50m by 2025 and to maximise profitability from automation investment”, according to Santander UK.
Meanwhile, gross profit grew from £4.3m in 2022 to £5.7m last year. Operating profit increased 12% to £668,000.
