£73m underpins malt producer’s growth programme
Muntons, the Suffolk-based global manufacturer of malted products, is on the expansion trail following a £73 million lending facility from HSBC.
The family-owned business, which has its headquarters in Stowmarket, will use the funding to invest in capital projects.
The first of these investments is being made in response to the increasing demand among consumers for malted ingredients, used in a wide range of products as diverse as breakfast cereals, confectionery and malted beverages.
Malt brings benefits such as sweetness, flavour enhancement and colour addition and the rise in popularity for malt-based products will see Muntons increase its liquid malt extract plant production capacity significantly at its headquarters.
Group finance director Andy Simpson said: “This is an exciting time for Muntons and we’re delighted that HSBC UK has supported us with our significant expansion plans.
“We purchase more than 250,000 tonnes of barley every year from within the UK and our new plans to increase our manufacturing capabilities mark the start of a fantastic new chapter for us.”
Ivor McTighe, HSBC UK Business Development Director for ABL, added: “Long-established Muntons is a fantastic business investing for the future and supporting the UK economy. It exports worldwide and our committed ABL facility will enable them to explore additional opportunities for growth outside of Europe.”
Muntons, which encompasses both Muntons Malt and Muntons Malted Ingredients, employs over 250 staff in the UK with a further 70 staff internationally.