A Bristol-based international and food manufacturer is increasing its production capacity by 30%.
Plant Ex Ingredients has secured £3.3m of funding from Lloyds Bank, which will help it source additional raw materials to fuel expansion.
In a statement, the company said that due to increasing global demand, Plant Ex Ingredients is expanding its reach beyond European borders to Turkey where it has a second factory, as well as Africa, Asia and the Americas. To facilitate the business’ product innovation and growth trajectory, it "needed to increase its stockpile of raw materials and manufacturing capabilities".
The business approached Lloyds Bank, securing a £3.3m funding package which was used to invest in an additional production line to increase output and purchase additional resources. Plant Ex Ingredients is also set to increase its headcount by eight people across both it’s technical and production teams.
Read more: Big interview: Lloyds Bank welcomes £8bn vision for transport for the South West and Wales
Giles Drewett, manging director at Plant Ex Ingredients, said: “Thanks to the support from Lloyds Bank, we’ve been able to access funding that will further facilitate our ambitions of growing our export sales. We are seeing fantastic opportunities overseas, with many businesses seeking quality British manufacturing to provide innovative solutions for their customers.
“The support from Lloyds Bank will also allow us to diversify our product offering even more while we continue to innovate and solve the sectors biggest challenges.”
Founded in 2010, Plant Ex Ingredients has been in business for more than 20 years and currently employs 110 people. The business is set to grow its turnover by over a fifth to £21m this year with plans to increase to £25m by 2025.
Will Kite, relationship director at Lloyds Bank, added: “We’re still seeing lasting supply chain and operational issues following the pandemic and continued adjustments due to Brexit. It’s been brilliant to provide Plant Ex Ingredients with the working capital to expand its operations and capacity amidst growing sector demand. We’re proud to support a local businesses like Plant Ex Ingredients that champion sector innovation while continuing to support its customers at home and abroad.”
Read next:
Bristol 'experiences' company Yuup secures further £200k to support growth plans
Chairman of pub and brewery firm The Liberation Group to step down
Work has begun on Cotswold's first ever wine barn with opening planned later this summer
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
