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Funding from Lloyds Bank is a key ingredient for expansion

23 May 2023

A Bristol based food manufacturer is increasing its production capacity by 30% and sourcing additional raw materials to fuel expansion, with support from Lloyds Bank.

Plant Ex Ingredients manufactures natural flavours and extracts, top note flavours, along with antimicrobials and preservatives for the bakery and confectionery sectors. These are then used in dairy, icing, seasonings, and vegan cheese.
 
The company is expanding its reach beyond European borders, to Turkey where it has a second factory, as well as Africa, Asia and the Americas. To facilitate the business’ product innovation and growth trajectory, it needed to increase its stockpile of raw materials and manufacturing capabilities.
 
The business approached Lloyds Bank, securing a £3.3m funding package which was used to invest in an additional production line to increase output and purchase additional resources. Plant Ex Ingredients is also set to increase its headcount by eight people across both its technical and production teams.
 
Giles Drewett, Managing Director at Plant Ex Ingredients, said: “Thanks to the support from Lloyds Bank, we have 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.”
 
Will Kite, Relationship Director at Lloyds Bank, said: “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.”


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