Plant Ex to bolster production capacity with £3.3 funding package
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.
Plant Ex Ingredients manufactures natural flavours and extracts, top note flavours, along with antimicrobials and preservatives for the bakery and confectionery sectors. These are then used in dairy, icing, seasonings, and vegan cheese.
Following increasing global demand, Plant Ex Ingredients is expanding its reach beyond European borders to Turkey where they have a second factory, as well as Africa, Asia and the Americas. To facilitate the business’ product innovation and growth trajectory, it needed to increase its stockpile of raw materials and manufacturing capabilities.
The business approached Lloyds Bank, securing a £3.3m funding package which was used to invest in an additional production line to increase output and purchase additional resources. Plant Ex Ingredients is also set to increase its headcount by eight people across both its technical and production teams.
Founded in 2010, Plant Ex Ingredients has been in business for more than 20 years and currently employs 110 people. The business is set to grow its turnover by over a fifth to £21m this year with plans to increase to £25m by 2025.
Giles Drewett, Managing Director at Plant Ex Ingredients, said: “Thanks to the support from Lloyds Bank, we’ve been able to access funding that will further facilitate our ambitions of growing our export sales. We are seeing fantastic opportunities overseas, with many businesses seeking quality British manufacturing to provide innovative solutions for their customers.
“The support from Lloyds Bank will also allow us to diversify our product offering even more while we continue to innovate and solve the sector’s biggest challenges.”
Will Kite, Relationship Director at Lloyds Bank, said: “We’re still seeing lasting supply chain and operational issues following the pandemic and continued adjustments due to Brexit. 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 local businesses like Plant Ex Ingredients that champion sector innovation while continuing to support its customers at home and abroad.”