Chesterfield-based MSK Ingredients Ltd (“MSK”), one of the UK’s leading suppliers of specialist food ingredients and equipment, is to expand its product suite, invest in business process re-engineering and take on more staff following £750,000 in new funding from Santander Corporate & Commercial. The funding includes a £200,000 Growth Capital loan, which is aimed at fast-growth, ambitious UK businesses.
Established in 1999 and currently 15-staff strong, MSK is now recognized as a major supplier of premium ingredients to the dining, hotel and catering markets. The firm, which also supplies chocolatiers, mixologists, bakers and the general public, has built a large customer base of around 3,500 clients – including many of UK’s leading chefs. Recipes and technical support are available from its own Executive Chef and training courses and demonstrations are available at MSK’s well-equipped onsite kitchen. The firm is well-known for its flavouring and molecular gastronomy ranges of products; recently, it has launched an innovative range of chef’s tools and presentationware.
The funding from Santander Corporate & Commercial has allowed the firm to invest for growth as well as consolidate the management team by buying out an existing shareholder. The firm has already hired an extra staff member and has plans to automate and improve internal systems as well as hire five more people over the next 12 months. The firm is also launching a new catalogue with over 1,000 new product lines, which is expected to significantly drive sales, and is looking to expand abroad.
Santander Corporate & Commercial’s Growth Capital loans are targeted at businesses with annual turnovers of up to £50 million which have a demonstrated history of high year-on-year growth in turnover, profit or employment. The facility is part of the bank’s Breakthrough product suite, which is aimed at fast-growth, ambitious businesses.
Kevin Bateman, Founder and Owner of MSK Ingredients Ltd, said: “Our trading philosophy is to supply the finest quality ingredients available and to source and offer innovative and unique products which will provide a point of difference. This strategy has worked well for the firm and we are in a strong position to invest for growth and capitalise further on the strong momentum we have in the market.”
Donna Butler, Relationship Director, Santander Corporate & Commercial, said: “MSK is rightly considered the market leader in supply of ambient specialist food ingredients and equipment to the hotel and restaurant trade in the UK and, increasingly, beyond. The team at MSK have a track record in continually bringing in new and innovative products and ingredients to market, and has a strong pipeline of exciting new products and initiatives. Santander is delighted to be able to support the firm at this key time.”
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