UK petfood producer MPM Products has received a new loan and trade finance package to accelerate product development and expansion in the Asia Pacific and US petfood markets.
The company already exports to 33 countries, accounting for 51 percent of orders, but the funding from HSBC's international SME fund will help the company further extend its reach. MPM's turnover of £17 million (US$26 million) in 2012 is projected to grow to £24 million (US$36.8 million).
"Wherever you see a Starbucks opening up, a market for quality petfood is not far behind," says MPM's managing director, Julian Bambridge, commenting on changes that have shaped MPM's brands. "Consumers have a greater understanding now of the importance of nutrition and that trend is translating to their pets."
According to Bambridge: "Britain's foodie revolution, concern about responsible sourcing and quality, took off a decade ago. Now that has extended to dogs and cats. Pets are considered part of the family so get the same treatment as we give ourselves.
"Because of that, even in hard-pressed times, it seems customers are still willing to put their hands in their pockets for their animals.
"We are now selling in Korea and Kuwait, places where traditionally there have been different attitudes to dog owning from in the West."
MPM also recently expanded its workforce to 50. "Being a smaller company working with partners is an advantage," Bambridge says. "Our production processes are nimble."
