Puremalt secures £7 million funding package from HSBC
Puremalt, a Haddington-based malt ingredient supplier, has agreed a £7 million funding package with HSBC to expand its grain-processing capacity by building new facilities.
The funding will be used to build a new brewhouse.
Puremalt manufactures natural malt ingredients for the food and beverage industry.
The investment in the new brewhouse in East Lothian will allow the firm to brew an extra 15,000 tonnes of barley malt each year. The existing site produces 10,400 tonnes, however, the family-owned firm has had to reject new contracts as it has been running at full capacity.
The HSBC funding will be used to upgrade the existing site. A robotic palette movement system has also been installed in its distribution warehouse, The Times reports.
Bruce Turner, Puremalt chairman and managing director, said: “We are delighted that demand for our malt-based ingredients continues to grow. Reaching capacity was a good problem to have but it’s been challenging to turn away growth opportunities whilst we awaited our new investments.”
Paul Valente, relationship director at HSBC UK, added: “Puremalt is one of many fantastic examples of successful, family-run businesses in the booming Scottish food and drink sector.”