MPM’s tail wags with £3m deal
A NORTH West export success story is targeting further international growth after sealing a £3m funding boost.
Natural pet food company MPM Products – which has already grown turnover from £4m to £10m in the last 18 months – says the deal with Yorkshire Bank in Manchester will help it grow sales to more that £40m over the next three years.
Macclesfield-based MPM was founded in 2002 and has 27 employees. It already exports to 30 countries worldwide and exports account for around 40% of its turnover.
Closer to home it has contracts with Sainsbury’s and Waitrose, as well as supplying through wholesalers to large multiple and independent pet stores.
The facilities secured with Yorkshire Bank include import loans and invoice finance to help with working capital requirements.
Commercial director Nick Hinton, said: “We chose Yorkshire Bank because it was keen to be a strategic partner that would grow with us and was one of the few banks that was willing to have faith in our business skills to run our business as we saw fit.
“There is no doubt that the pet sector has been one of the most recessionary proof sectors and we continue to grow incredibly quickly with our 100% natural cat and dog foods.
“As well as strong organic UK growth, we are looking to grow our exports substantially in the coming years including breaking into the US.”
Stephen Cox, business partner at Yorkshire Bank in Manchester, said: “MPM Products has a very clear strategy for growth and a very clear place at the premium end of the market.
“It is set for exponential growth over the next two to three years and we are delighted to welcome the business as a new customer of Yorkshire Bank.”
Last weekend MPM Products was listed number 13 in the Sunday Times HSBC International Track 100, a list of companies who have doubled non-UK sales over their latest two years of accounts.
Last December it made number 32 in the Sunday Times Fast Track list of the UK’s 100 fastest growing companies and was the fifth fastest growing company outside London.
