British honey producer Hilltop Honey has obtained a £10m ($13.21m) financial package from Santander UK, aimed at bolstering its international growth.
The funding will provide the necessary working capital to enhance the company’s presence in key markets such as the US, the Middle East, and Australia.
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This move is also expected to enable recruitment to support its increasing operations.
The package offered by Santander UK includes a variety of financial tools, including stock finance, foreign exchange (FX) facilities, invoice finance, and the refinancing of an existing term loan.
Santander UK relationship director Olivia Hines said: “Santander is delighted to welcome Hilltop Honey as a new client. 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.”
Hilltop Honey plans to use the proceeds to manage its inventory effectively and navigate the complexities of international trade.
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By GlobalDataThe company has subscribed to Santander Navigator, the bank’s digital platform that aids UK businesses in scaling internationally.
The platform connects Hilltop Honey with essential third-party services, facilitating the establishment of in-country entities and streamlining international shipping processes.
Hilltop Honey founder Scott Davies 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.”
Founded in 2011, Hilltop Honey has grown to become the second-largest honey producer in the UK by volume and the fourth largest in Europe.
With the support of Santander UK, the company aims to elevate its sales from £33m to £50m by 2025, leveraging automation investments to maximise profitability.
Employing over 130 individuals, Hilltop Honey’s production facility in Newtown, Wales, has a capacity of over 30,000 tonnes of honey annually.
