East Lothian malt ingredients maker secures £7m to double capacity and add jobs
A malt ingredients maker has secured a £7 million funding package to more than double its annual production capacity.
East Lothian-based PureMalt supplies a range of malt-based products to food and drink businesses. The firm has reached capacity at its premises in Haddington and is using the bank funding to build a new brew house extending to some 15,000 square feet.
The facility will more than double annual production capacity, enabling the business to supply additional customers and markets and take on four additional staff, bringing its total headcount above 100.
The funding package agreed with banking giant HSBC UK includes an invoice finance and asset finance allowance, supporting improvements to PureMalt’s existing premises.
In addition, the company has installed a robotic palette movement system into its distribution warehouse to improve efficiency and stock turnover.
Bruce Turner, chairman and managing director at Puremalt, said: “Reaching capacity was certainly a good problem to have, but it’s been challenging to turn away growth opportunities whilst we awaited our new investments.
“We’re delighted to partner with HSBC UK who have provided support with the funding we need to build our new brewhouse and improve our existing infrastructure. We’re looking forward to now utilising these enhancements to further grow our business.”
Paul Valente, relationship director at HSBC UK, added: “PureMalt is one of many fantastic examples of successful, family-run businesses in the booming Scottish food and drink sector.
“We’re delighted to support such an ambitious business with its expansion and look forward to seeing PureMalt go from strength to strength.”