Food group gets a tasty £40m funding boost to support export growth

KTC Edibles

A food group which has a site in Liverpool has secured a £40m funding boost to help it continue with its global expansion programme.

KTC Edibles, based in Wednesbury in the Black Country, supplies high quality cooking oil and world food products to major retailers, manufacturers and wholesalers both in the UK and worldwide.

Following a 10% increase in sales over the past year, the family-owned business secured the £40m working capital facility from Lloyds Bank to accelerate growth.

The funding will give the company the financial headroom it needs to focus on its expansion strategy, with plans to increase its global export operations by 25% over the next five years.

Currently, the firm exports to Europe, North America and Canada, which account for 5% of sales, and it is now looking to venture into new markets overseas.

The business’ annual turnover is currently £233m and it expects to increase this by at least 10% over the next year.

The company employs 275 people across its two sites in Wednesbury and Liverpool and supplies more than 250 million litres of oil to the food industry every year.

Renga Ramamoorthy, finance director at KTC Edibles, said: “Our business has seen impressive growth over the past few years. This funding has provided us with the financial flexibility to concentrate on accelerating this with the expansion of our international client base.

“We recently switched to Lloyds Bank and were impressed by how the team took the time to really understand our business and arrange funding support that’s tailored to our exact needs.”

Tom Horton, relationship director at Lloyds Bank Commercial Banking, said: “KTC Edibles has a global reputation for high-quality products and as this recent funding shows, it’s an ambitious business that is helping to drive the local economy by focusing on growth opportunities.”

 

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