Leading British pet food supplier, Butcher’s Pet Care Limited, is expanding its headquarters and targeting further growth in turnover after securing an £8million working capital facility from Lloyds Bank Commercial Banking.
The leading British consumer brand for pets, which controls a fifth of the UK wet dog-food market, has a turnover of £93million and will expand its current 260,000 square foot factory in Northampton by 50%.
Just five years after completing a move into a new state of the art manufacturing facility, the £7million factory expansion will allow production to increase, resulting in the company having the capacity to produce more than 1,200 cans per minute.
The working capital facility provided by Lloyds Bank Commercial Banking will increase cashflow as the family owned business invests in additional floor space and machinery. The expansion is expected to be complete by October this year. The additional capacity will provide the platform for further growth following ten consecutive years of mounting revenues.
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Francis Powell, finance director at Butchers Pet Care Ltd, commented: “This is an enormous market with great opportunities not just in the UK, but across the continent. We’ve seen the business grow consistently over the years and, with this factory expansion, we are on track to continue this growth well into the future”.
“Lloyds Bank took the time to really get under the skin of our business, tailoring a financial facility that freed up the cash flow for us to embark on our most ambitious development in years.”
The firm, which employs more than 300 people was established at the back of Graham Baker’s family abattoir in 1987 in response to demand for tripe from pet owners looking for the by-product to feed their dogs. Graham’s involvement in the business remains as chairman of Butcher’s Pet Care Limited.
Francesco Magli, client manager at Lloyds Bank Commercial Banking, added: “Almost half of people in the UK share their homes with a pet, so it’s no surprise that the industry is worth close to £3billion. As one of the UK’s leading pet food suppliers, and a key manufacturer with international aspirations, Butcher’s Pet Care is a great business for us to support.
“Having had a ten year relationship with the company, alongside our specific sector knowledge, we were able to create a bespoke facility that suited Butcher’s exact needs. Across Britain, we’re supporting businesses with tailored working capital facilities such as invoice factoring, discounting and asset based lending – giving them the toolkit they need to grow.”
Butcher’s Pet Care owns the Butcher’s, Butcher’s Choice, Butcher’s Superior dog food and the Classic cat food brands. The firm has a presence across the continent, with its products sold in Poland and the business aims to expand further into Europe.