Dairy firm receives £4M bank support

By Tom Chandler

- Last updated on GMT

Related tags Milk

The firm has secured a £4M investment from NatWest
The firm has secured a £4M investment from NatWest
Dairy supplier County Milk Products has secured a £4M investment from the NatWest bank, to support the firm’s continued growth this year.

The firm, based in Wilmslow, Cheshire, will use the money to secure further growth in 2012, after reporting a turnover of £116M last year.

Country Milk Products was established in 1994 and specialises in supplying dairy ingredients to the food and feed manufacturers in the UK, the continent and several other export markets.

John Langslow, md of County Milk Products, said that the firm’s customers were now looking for a more streamlined approach to their businesses. The investment was “essential​” to the firm’s progress, he added.

Growing demand

He said: “The dynamics of the market have shifted in recent years, as both new and existing customers are increasingly looking for a complete dairy solutions supplier when sourcing products,” he said.

“We have repositioned the business to meet the needs of our customer base and are confident of further sales growth​.”

Langslow also said as turnover continued to grow, it was essential to have access to a flexible working capital facility to ensure the firm had the funding in place to keep pace with the demand.

NatWest said the firm had experienced a “significant​” rise in demand for its liquid products, including milk and cream. It also said it expected further progress from the firm in 2012.

Tim Hine, relationship director at NatWest, said: “County Milk Products benefits from a strong management team who have a clear strategy on how they wish to develop the business.

“They have been a NatWest customer since inception and we look forward to watching the company's continued progress​.”

Competitive Sector

NatWest provided the funding after the firm revealed that revenues had soared in the last three years, with its turnover increasing by 50% during the three year period.

A further 20% of its sales now come through exports to other EU countries.

This has been linked with a growing demand for liquid products, as manufacturers now look for dairy ingredients from a single supplier rather than multiple sources.

Earlier this month however, Julian Wild, food group director at law firm Rollits, told FoodManufacture.co.uk that the UK liquid milk market was now a “very competitive​” and “tough place​” for food manufacturers.

Meanwhile, following Muller's acceptance of the £279.5M Robert Wiseman takeover bid​, the liquid milk sector is now being tipped as potential target for foreign firm takeover bids.

With some experts within the food and drink sector predicting that Dairy Crest could be the next acquisition target in 2012.

Related topics Dairy Dairy-based ingredients

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