Hops specialist expands in United States after £6m funding deal

A Worcestershire hops specialist has expanded its presence in the United States after securing a £6m finance package.

Charles Faram, established in 1865, supplies hops and hop products to breweries across the country including both large regional and small micro-breweries. The Malvern-based company also exports to Scandinavia and mainland Europe.

Sales of the company’s products have increased by 20% for the past five years and following an increased demand in America, the company has expanded its presence in the country and is set to open a fourth office and a cold storage facility in Yakima, Washington in June.

The funding from Lloyds Bank Commercial Banking will allow the business to finance more stock for the North American market, as well as invest in new packaging lines to support its exporting operations.

Charles Faram, which has an annual turnover of £34m, employs 46 people across its three offices in Malvern, the United States and Canada.

Paul Corbett, managing director at Charles Faram, said: “We’ve experienced an increase in demand for our products overseas as we now export to 45 countries worldwide. International expansion is at the heart of our growth ambitions, making it the ideal time to expand our business in America.

“We’ve enjoyed a longstanding relationship with Lloyds Bank, and the team has continued to support us during this time of rapid growth.”

Mark Robinson, relationship director at Lloyds Bank Commercial Banking, said: “As the popularity for craft beer and British-made products continues pick up momentum worldwide, Charles Faram has spotted a lucrative opportunity to export its products overseas.

“We’re committed to helping Britain prosper through supporting ambitious mid-market sized businesses like Charles Faram. By providing tailored funding packages we’ve been able to support overseas expansion and encourage sustained growth.”