Hilltop Honey has secured a banking package from Santander UK totalling £10m to support it with its banking needs, as it look to expand globally.
The honey producer has more than 130 employees and its Newtown plant in Wales has processing capacity of over 30,000 tonnes of honey a year, with the latest machinery for large production and growth capabilities.
The funding package includes stock finance, FX facilities, Invoice Finance, and the refinancing of a term loan, which will accelerate the honey producers continued international expansion to boost trade in the United States, the Middle East and Australia. Santander’s support provides a simple form to empower Hilltop Honey to grow and be flexible in international trade, the additional funding will allow the business the working capital required to excel their growth will allow them to hold more stock and drive recruitment as the business continues to grow.
Santander has introduced Hilltop Honey to multiple stockists in the North American region, including Walmart Marketplace and Amazon US via Infinity Blue. Hilltop Honey has also taken out a subscription with Santander Navigator, the bank’s digital platform that supports UK companies with international growth, which will play a key role in its expansion into overseas markets by connecting it with third parties, such as legal, accounting or marketing services, that will help it set up in-country entities, as well as support with streamlining international shipping.
Established in 2011, Hilltop Honey is the second largest honey producer in the UK (by volume) and the fourth largest in Europe. The brand has now set its sights on expanding its international operation, with the help from new banking partner, Santander UK. In the company’s last full year results, it had reached sales of £33m, a 10% brand market share. It is now forecasted to grow to £50m by 2025 and to maximise profitability from automation investment. The brand is now on the shelves of all UK supermarkets, but with help from Santander UK is eyeing growth overseas.
Scott Davies, Founder at Hilltop Honey, said:
“The team at Santander has demonstrated an excellent understanding of our business, creatively supporting Hilltop with their US offering, namely with Walmart and Amazon Marketplace. As we look to the future, we are very happy to have a banking partner who can fully support our strategic objectives.”
Olivia Hines, Relationship Director at Santander UK, said:
“Santander is delighted to welcome Hilltop Honey as a new client. As a fast growing, internationally trading business, we’re pleased to be able to provide a funding and banking package which will support their strategic growth objectives in new and existing markets.”
Santander Navigator is a digital subscription platform that supports UK companies with international growth. It provides expertise and knowledge collated by Santander Corporate & Commercial Banking’s international team to help UK businesses overcome international trade-related obstacles and understand the attributes of doing business in a new market. Businesses can subscribe to access a personalised service, based on their individual needs, and to help achieve their international expansion strategy.
