Hilltop Honey has secured a banking package worth £10m to support its global expansion plans.
The funding from Santander UK will allow the British honey brand to hold more stock, drive recruitment and excel growth.
Santander also introduced Hilltop to stockists in North America, including Walmart Marketplace and Amazon US, via marketplace agency Infinity Blue.
Hilltop Honey has taken out a subscription with Santander Navigator, the bank’s digital platform, which supports UK companies with international growth. It will connect the business with third parties overseas, such as legal, accounting and marketing services, to help set up in-country entities, as well as support with streamlining international shipping.
The business is eyeing new markets in the US, Middle East and Australia.
Hilltop founder Scott Davies said: “The team at Santander has demonstrated an excellent understanding of our business, creatively supporting Hilltop with our 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.”
Established in 2011, Hilltop Honey is the second-largest honey producer in the UK (by volume) and the fourth largest in Europe.
The honey producer has more than 130 employees and its Newtown plant in Wales has processing capacity in excess of 30,000 tonnes a year.
In the company’s most recent accounts, turnover reached £33m as the brand took a 10% market share. It is forecasting to grow to £50m by 2025 and to maximise profitability from automation investment.
The Santander funding package includes stock finance, FX facilities, invoice finance and the refinancing of a term loan.
Santander relationship director Olivia Hines added: “As a fast-growing, internationally trading business, we’re pleased to be able to provide a funding and banking package which will support their strategic growth objectives in new and existing markets.”
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