Cornish Sea Salt Company is targeting more international sales after securing £1.3m in funding.
The natural salt manufacturer also plans to ramp up its UK production facilities in Cornwall to keep up with demand for its products at home and abroad.
It has agreed £975,000 in growth capital funding from Santander’s corporate and commercial division, as well as being awarded a £307,000 grant from Cornwall Marine Network.
Cornish Sea Salt, established in 2007, currently employs 29 staff making sea salts, sea flakes and sea peppers for food manufacturers, major wholesalers and grocers, including Waitrose, Asda, Tesco and Sainsbury’s.
Revenues for its 2015 financial year are forecast to grow 28% to £2.3m, with EBITDA up 229% to £230,000, driven by international expansion. The producer now exports to more than 30 markets.
The £975,000 from Santander will be used to expand the Cornwall factory to fulfil domestic and international demand, as well as investing in the international sales infrastructure.
It is also expected to lead to the recruitment of an additional 25 full-time staff by the end of 2017.
The company said new products would continue to be a “key focus”, with a possibility for a therapeutic and Spa products range.
“The Cornish Sea Salt Company is benefiting from strong organic growth both in the UK and internationally, as well as through a broader product range,” said Peter Abel, director for growth capital at Santander Corporate & Commercial.
“The business now exports to over 30 global markets and has benefitted from distribution relationships developed in the US through Santander’s Breakthrough US Trade Mission back in 2013.”
Santander’s growth capital programme is targeted at businesses which have a history of high year-on-year growth in turnover, profit or employment.
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