UK-based petfood company MPM Products recently secured funding of Â£3m (US$4.9 million) to help the company expand its business.
The company reported that its revenues have grown from Â£4m (US$6.5 million) to Â£10m (US$16.3 million) in under two years and MPM said it aims to increase the figure up to Â£50m (US$81.4 million) by 2014. MPM secured facilities, including import loans and invoice finance, from Yorkshire Bank to strengthen its working capital. The petfood company currently exports to 30 countries worldwide, with overseas revenues accounting for about 40% of its turnover, according to MPM.
“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," said Nick Hinton, MPM’s commercial director. “As well as strong organic UK growth, we are looking to grow our exports substantially in the coming years including breaking into the US.”