Hilltop Honey has secured a £10m banking package from Santander UK as the brand looks to gain the financial support it needs to expand globally.
The banking package includes stock finance, FX facilities, invoice finance and term loan refinancing and is designed to help the start-up accelerate its growth on a global scale.
It comes during a time when international trade has become “increasingly important” for many UK businesses, according to Santander’s Trade Barometer earlier this year, despite the financial barriers that can come with expansion.
“The team at Santander has demonstrated an excellent understanding of our business, creatively supporting Hilltop with their US offering, namely with Walmart and Amazon Marketplace,” Scott Davies, founder of Hilltop Honey, said.
“As we look to the future, we are very happy to have a banking partner who can fully support our strategic objectives,” he added.
Scott Davies, founder of Hilltop Honey
Wales-headquartered Hilltop Honey was founded in 2011 and has since reached sales of £33m with a forecast of £50m by 2025.
It is the second largest honey producer, by volume, in the UK and employs a staff of over 130.
Since partnering with Santander UK, Hilltop Honey has been introduced to various retailers in the North American region.
These stockists include Walmart Marketplace and Amazon US through Infinity Blue.
The start-up is also now part of the Santander Navigator programme, which is a subscription-based platform designed to connect businesses with over 35 markets worldwide.
Olivia Hines, relationship director at Santander UK, added: “Santander is delighted to welcome Hilltop Honey as a new client.
“As a fast growing, internationally trading business, we’re pleased to be able to provide a funding and banking package which will support their strategic growth objectives in new and existing markets.”