Business Overdrafts
Be financially flexible with a business overdraft.
Plant Ex Ingredients
A Bristol based international food manufacturer is increasing its production capacity by 30% and sourcing additional raw materials to fuel expansion, thanks to support from Lloyds Bank.
Read time: 2 mins Added: 12/07/2023
Plant Ex Ingredients plans to expand
The business approached Lloyds Bank, securing a £3.3m funding package which was used to invest in an additional production line to increase unit output rates and further resources for manufacturing.
Founded in 2010, Plant Ex Ingredients has been trading and manufacturing for more than 20 years and currently employs 110 people. The business is set to grow its turnover by 22% to £21m this year with plans to increase to £25m by 2025.
“UK manufacturers are continuing to combat ongoing supply chain issues making it extremely difficult to secure raw materials and even harder to manage lead and delivery times. We are however seeing an opportunity with an increase in overseas businesses seeking quality British manufacturing to provide innovative solutions for their customers.
Our exports make up a significant proportion of our sales outputs, so having access to resources that will allow us to provide high quality products promptly is vital for our continued expansion into new markets. Thanks to the support from Lloyds Bank, we’ve been able to access funding that will further facilitate our growth. It will also allow us to diversify our product offering even more while we continue to innovate and solve the sector’s biggest challenges.
Giles Drewett Managing Director at Plant Ex IngredientsWe’re seeing the lasting effects of Brexit impacting supply chain networks and the fluidity at which they operate. 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 business like Plant Ex Ingredients that champion sector innovation while continuing to support its customers at home and abroad.
Will Kite, Relationship Director at Lloyds Bank