Muntons has secured an increase in their asset-based lending (ABL) facilities from RBS Invoice Finance in a deal worth £53.4 million ($81.8 million). As a result, Muntons moved all their financial facilities across to The Royal Bank of Scotland (RBS).
The Suffolk employer of 309 people uses only British barley to make their malt. To successfully build its business and compete on a bigger stage, it knew it would have to increase its global footprint. A recent joint venture in Thailand added to its manufacturing presence and opened up significant sales opportunities in Asia.
Alan Ridealgh, managing director of Muntons, explained, “We are an international player supplying our malt to a range of blue-chip clients. Last year we invested £5.4 million in an anaerobic digestion plant to treat liquid waste from our ingredients business in Stowmarket, which was partly funded by RBS Invoice Finance. The extension of the ABL facility helps us to meet our ambitious growth targets both here in the UK and abroad.”
Chris Hawes, director UK Corporate at RBS Invoice Finance, said, “We are delighted to extend our relationship with Muntons and extend their ABL facility. The confidence provided by the ABL line has given Muntons a real boost to their strategy and is a great example of how this innovative funding line can support growing businesses.”
Muntons has been producing malt and malted ingredients for more than 90 years.