East Lothian Malt Producer Secures £7m to Fund Expansion7 Mar 2022
Scottish ingredients manufacturer PureMalt has secured a £7 million funding package to more than double production capacity at its facility in East Lothian.
The family-owned company reached capacity at its premises in Haddington during 2019-20, limiting its ability to take on new customers across the food and drink sector. The funding from HSBC will be used to build a new 15,000sq ft brew house, creating four new jobs to bring total headcount to more than 100.
The funding package, which includes an invoice finance and asset finance allowance, will also support improvements at PureMalt’s existing premises. The company has also installed a robotic palette movement system into its new distribution warehouse to improve efficiency and stock turnover, and is renovating its floor maltings building.
"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," he said.
"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, 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.”