One of the UK’s fastest growing companies is on target for further expansion after securing a £3million funding package from Yorkshire Bank in Manchester.
Macclesfield based MPM Products, a supplier of premium quality cat and dog food, has boosted turnover in the last 18 months from £4million to £10million and has plans to grow this to £40-£50million in the next three years.
The facilities secured with Yorkshire Bank include import loans and invoice finance to assist the company with working capital requirements.
Nick Hinton, MPM’s commercial director, said: “We chose Yorkshire Bank because it was keen to be a strategic partner that would grow with us and was one of the few banks that was willing to have faith in our business skills to run our business as we saw fit.
“There is no doubt that the pet sector has been one of the most recessionary proof sectors and we continue to grow incredibly quickly with our 100 per cent natural cat and dog foods. As well as strong organic UK growth, we are looking to grow our exports substantially in the coming years including breaking into the US.”
Stephen Cox, business partner at Yorkshire Bank in Manchester, said: “MPM Products has a very clear strategy for growth and a very clear place at the premium end of the market. It is set for exponential growth over the next two to three years and we are delighted to welcome the business as a new customer of Yorkshire Bank.”
In May 2011 MPM Products was listed number 13 in the Sunday Times HSBC International Track 100, a list of companies who have doubled non UK sales over their latest two years of accounts.
In December 2010 it made number 32 in the Sunday Times Fast Track list of the UK’s 100 fastest growing companies and was the fifth fastest growing company outside London.
The business exports to 30 countries worldwide and exports account for around 40 per cent of its turnover. The company, which was founded in 2002 and has 27 employees, has contracts with Sainsbury’s and Waitrose, as well as supplying through wholesalers to large multiple and independent pet stores.
In 2010, Yorkshire Bank introduced its Investing for Growth package which offers a dedicated business planning service and flexible approach to investment finance to enable businesses to invest in quality growth opportunities.