Member Article

HSBC provide £10m fund to Macclesfield pet provider

HSBC has provided a £10m funding package to Macclesfield-based firm, MPM Products - a business that provides natural pet foods across the UK and overseas.

The company expects to grow significantly over the next two years using the bank funding, which it secured to expand its footprint at home and abroad.

Last year MPM Products achieved 56% growth while its total sales reached £17m. Sales across the first quarter of 2013 are continuing to follow this upward trend.

The business is currently on track to reach its target of £24m in sales before the end of the year, which HSBC’s investment will help them achieve this goal.

£10m will be pumped into an ambitious product development project and geographical expansion, while MPM brands are already installed in 33 markets worldwide, including countries in Europe, Asia Pacific and Australasia.

The funding, which comes from a wider £5bn International SME fund, was provided by HSBC Manchester’s commercial team as part of a deal led by senior international commercial manager, Margaret MacDonald.

International growth and trade finance facilities will be the business’ priorities, and the package was specifically tailored to meet these needs, while plans to accelerate growth will be supported by invoice finance lines.

Julian Bambridge, managing director at MPM Products, said: “At the heart of MPM Products is an unwavering commitment and passion to produce natural pet food of the highest quality. We continually listen to our customers to ensure that our product development mirrors their needs.”

Financial director at MPM Products, James Bracewell, added: “This funding package will enable us to ramp up our growth strategy and ultimately allow us to achieve our mission – to feed as many dogs and cats as we can, wherever they are.”

MPM Products provides two core product ranges, Applaws and Encore, which are aimed at customers who have a high awareness around what they feed their pets.

The products are now installed in leading UK supermarkets including Sainsbury’s, Tesco, Waitrose and Ocado, while European sales are being achieved through Esselunga in Italy.

Jason Trigg, Manchester area commercial director at HSBC, commented: “MPM Products is an extremely exciting company that has demonstrated significant growth potential over the last 12 months.

“With considerable demand for its natural pet food products, both here in the UK and internationally, we’re confident the company will continue to go from strength-to-strength.”

This was posted in Bdaily's Members' News section by Miranda Dobson .