Pet food firm laps up £2.5m finance deal
A NATURAL pet food manufacturer is set to expand following a £2.5m finance package from HSBC’s newly appointed Corporate Banking team in Manchester.
MPM Products, specialists in a range of natural, high quality pet food, has secured the funding from the bank’s new leadership team which aims to support mid-sized businesses in Manchester.
Confirmation of the new Corporate Banking team in Manchester comes as a new study, Hidden Impact -The vital role of Mid-Market Enterprises, commissioned by HSBC from Oxford Economics, shows that mid-market enterprises (MMEs) in Manchester and across the UK are powering the economy much more than previously believed, contributing more than twice as much in economic output as the entire financial services industry.
MPM , which has grown rapidly since 2004, will use the £2.5m to expand their existing customer base, invest in product development and enter new export markets like New Zealand and Scandinavia.
To support MMEs across Manchester, HSBC has appointed Jason Trigg as area director of corporate banking, with David Beaty as regional director of corporate banking for the North.
Beaty, said: “Manchester is a Northern powerhouse, with many traders expanding into new markets overseas.
“Mid-sized businesses are vital to that success and, as this study shows, their contribution has been underestimated for too long.
“MPM Products is a great example of the kind of innovative, ambitious business that makes the MME sector so dynamic and I’m delighted that our new corporate banking team was able to support their plans for growth.”
MPM managing director Julian Bambridge said: “Since our foundation we have gone from strength to strength, and are now one of the UK’s leading natural pet food manufacturers.
“We are keen to expand by taking full advantage of new opportunities and HSBC’s team was there to help. The funding secured will enable us to develop our customer base and product portfolio, enter new export markets like New Zealand and Scandinavia and continue our upward trajectory.”
