A Sunderland food firm is looking to expand on the back of a £7m finance deal.
Moguntia Food Group, which sells seasoning and spices across Europe, sealed the multimillion-pound invoice finance package with NatWest, which it aimed to use to ramp up its UK operations.
The Hetton-Le-Hole family firm, which has 125 staff, was founded in Mainz, Germany, in 1903 and now manufactures and sells seasonings, spices and a range of free-from savoury products to the food industry in 29 different countries. Moguntia directors said the package gives the firm the flexibility to take advantage of opportunities for strategic acquisitions, as well as the ability to react to changes in the market or increases in customer demand.
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Darren Ferguson, head of finance at Moguntia, said: “We are an ambitious company and keen to explore future growth opportunities when they arise, be it through acquisitions or new partnerships with like-minded organisations. Our deal with NatWest gives us the foundations and flexibility to be ready for growth, which is one of the real benefits of being funded by a UK-based bank with local teams.
“The process of securing the finance package has been very open and flexible and has progressed seamlessly. We felt welcomed by the bank from day one and the team at NatWest have supported us at every step of the way to get the deal delivered.”
Graham Robinson, relationship director at NatWest, said: “It’s a privilege to be able to support the team at Moguntia with their financing package and their expansion ambitions. It’s fantastic for the region that such a forward-thinking European organisation opts to base their operations in the North East and I can’t wait to see what’s next for them now they have the funding in place to pursue their ambitions for growth.”
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