Smylie Limited, an exporter of food and drink, has secured a £3.5m facility and £1m term loan after switching its banking to Santander UK. This additional working capital will allow the company to expand further into international markets – its key revenue stream.
The company, which is a family-run business based in Bromborough, was established in 2003 and provides food and drink to global retailers in over 50 countries across six continents. 100% of its turnover comes through export.
Chris Smylie, Managing Director at Smylies, commented: “It was important for us to have a banking partner that could support our international ambitions. Alongside its range of financial support, Santander offers us both international and food and drink expertise and we’re very excited about the future.”
Richard Oakley, Invoice Finance Specialist at Santander UK, said: “Food and drink is the UK’s largest manufacturing sector and an important part of our economy. We’re proud to help businesses, like Smylie, with solutions that support growth. Our international footprint and sector knowledge means we can help businesses to understand, enter and build sales in new markets through our bespoke research tools and trade missions to countries where there’s strong demand for UK products.
“Our global connectivity also means that we can introduce businesses to overseas importers, retail and wholesale buyers, as well as help put the right logistical, financial and compliance structures in place for success. We’re looking forward to a long and successful working partnership with Smylies.”
According to the latest MakeUK/Santander Food and Drink Bulletin, a large element of growth in the food and drink sector is coming from overseas, with sales abroad up by just under one quarter in the last two years alone.
The EU remains the biggest total market accounting for just under two thirds (61%) of exports worth £13.9bn, with Ireland the largest single destination (21.4% worth £4.2bn) closely followed by The Netherlands, France, the USA and Germany.