Santander UK has supplied the enterprise, positioned in Bideford, with a £4m funding package deal, together with working capital, to assist its plans to extend gross sales. Millbrook Dairy has additionally shifted its day-to-day banking to Santander UK.
Millbrook Dairy is a wholesaler of cheese and butter, sourcing merchandise from throughout the UK, Eire and Australasia. Its cheeses embrace cheddar, Crimson Leicester, Double Gloucester, Wensleydale, Cheshire, diminished fats, excessive protein, Gouda, Edam and mozzarella which it sells to fellow cheese specialists, producers and retailers within the UK and Europe, largely the Netherlands, Eire, Belgium, Germany and Poland. It additionally sells its personal model of Scottish cheddar, 1057, and Irish cheddar, Seanachai. Presently about 20% of its gross sales come from its abroad exports, which it plans to double over the following three years. Millbrook Dairy has lately expanded into the commerce butter sector, specializing in key areas of the market together with butter parts for the ‘high quality eating on the go’ marketplace for airways, railways and cruise liners, and bulk butter for bakeries, patisseries, meals service and manufacturing sectors.
Millbrook Dairy’s European development plans are being propelled by a rise in gross sales from its workplace within the Netherlands, from which it sources cheeses domestically and sells to the Dutch and wider European markets. Santander UK has supplied Millbrook Dairy with a letter of credit score to assist its European banking exercise.
The enterprise has returned constant development because it was established in 2018 by Kevin Beer and David Evans, who had beforehand labored collectively within the dairy business for 20 12 months. Turnover has elevated from £15m in January 2020, to £21m in January 2021, to £26m in January 2022. It’s on monitor to attain annual income of £40m in January 2023.
Kevin Beer, Millbrook Dairy co-owner and director, mentioned: “We’re delighted to be working with Santander UK as our banking companion as we embark on the following thrilling section in our journey. The £4m funding package deal it has supplied will allow us to amplify and speed up our development, permitting us to increase our vary, volumes and market attain each domestically and in our export markets abroad.”
Steve Tyers, relationship director at Santander UK, mentioned: “We’re proud to have grow to be Millbrook Dairy’s banking companion, supporting the following section of its development technique. Our funding package deal will assist this entrepreneurial enterprise increase additional within the European and UK markets and we look ahead to working collectively to ship development globally.”
Santander UK lately launched Santander Navigator, a digital subscription platform to assist UK corporations with worldwide development. The platform offers experience and information collated by Santander Company & Business Banking’s worldwide staff to assist UK companies overcome worldwide trade-related obstacles and perceive the attributes of doing enterprise in a brand new market. Companies can join and pay a subscription to entry a personalised service, primarily based on their particular person wants, and to assist obtain their worldwide enlargement technique. Discover out extra about Santander Navigator right here: www.santandernavigator.co.uk.
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