£3.3m bank funding gives food ingredients firm appetite for further overseas expansion

May 26, 2023

Bristol-based international food manufacturer Plant Ex Ingredients is increasing its production capacity by 30% and sourcing additional raw materials to fuel growth after securing a £3.3m funding package.

The firm, which makes natural flavours and extracts, is expanding into Turkey where it has a second factory, as well as Africa, Asia and the Americas. 

Plant Ex Ingredients’ product range, which also includes antimicrobials and preservatives for the bakery and confectionery sectors, are used in dairy, icing, seasonings and vegan cheese.

To help with product innovation and growth, it needed to increase its stockpile of raw materials and manufacturing capabilities.

The Avonmouth-based firm secured a £3.3m funding package from Lloyds Bank, which it used to invest in an additional production line to increase output and purchase additional resources.

Plant Ex Ingredients is also set to take on eight more people for its technical and production teams, allowing it to continue delivering its excellent customer support.

Founded in 2010 and today employing 110 people, the firm is set to increase its turnover by more than a fifth to £21m this year with plans grow it to £25m by 2025.

Plant Ex Ingredients manging director Giles Drewett 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 sectors biggest challenges.”

Lloyds Bank relationship director Will Kite added: “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 a local businesses like Plant Ex Ingredients that champion sector innovation while continuing to support its customers at home and abroad.”

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