Harvest Pet Products, a Lincolnshire producer of pet food, has expanded its manufacturing capabilities after securing a seven-figure finance deal with HSBC UK.
The firm, which specialises in wild animal food and seed, has used the funding to invest in a new, specialist facility for manufacturing fat ball bird food within the UK. Fat balls, a favourite food of wild birds, have traditionally been imported as a high-cost item from Europe. However, importation costs of bird food to the UK has significantly reduced due to changes in the international marketplace. The weakened pound has created a ‘gap in the market’ for the business to purchase fat ball bird food at a reduced rate.
Since bolstering its manufacturing capabilities, the business has increased its turnover by £2.5 million after winning new contracts with high-profile retailers, including Tesco and Poundland. After its recent success, the business hopes to increase its turnover by 50% over the next 12 months. Harvest Pet Products has created 15 new jobs since opening the new manufacturing plant and expects to generate another 15 new roles.
Angela Phillips, Finance Director, Harvest Pet Products, said: “Harvest Pet Products has enjoyed four years of successful growth and is ready to push on to the next phase of the business cycle.
“With the weakened pound making the importation of fat balls from Europe less expensive, we have increased our manufacturing capability of this product to meet rising demand. This move is part of an on-going expansion strategy, which will see us target new market places and territories.
“We are working very closely with Ian Green, our Relationship Manager at HSBC UK, to push forward with these plans.”
Paul Armstrong, Area Director for Business Banking in Lincolnshire, HSBC UK, said: “Harvest Pet Products is a great example of a local business which has lots of drive to succeed and create opportunity within the region. Our Business Banking specialists are committed to helping British businesses like this one realise their ambitions and we look forward to continuing our long-term relationship with the company as it continues to grow into new markets.”