Suffolk-based malted ingredients company Muntons has secured an increase in its asset-based lending facilities from RBS Invoice Finance in a £53.4m deal.
The company, which has been producing malt and malted ingredients for more than 90 years, has as a result moved all its financial facilities to the Royal Bank of Scotland.
The firm which employs more than 300, reported revenues of almost £122m and pre-tax profits of £7.3m for the 66 weeks to 3 January 2015.
Muntons has been producing malt and malted, was established in 1921. During this time Muntons has grown to become an international player in the supply of malts, malt extracts, flours and flakes to the food and drinks industry.
Managing director, Alan Ridealgh commnted: “We are an international player supplying our malt to a range of blue-chip clients. Last year we invested £5.4m 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 growth targets both here in the UK and abroad.
“RBS Invoice Finance has been a supporter of our business. I am pleased we have combined a relationship for the benefit of all to support our long term plans and aims.”
Chris Hawes, director UK corporate at RBS Invoice Finance, added: “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.”
Along with its head office in Stowmarket, Muntons also has a UK base in Bridlington, East Yorkshire.