KTC Edibles in Wednesbury secures £40M from Lloyds Bank
The company supplies high-quality cooking oil and food products such as margarines and spreads, canned groceries, pulses, rice, pasta and condiments to retailers, manufacturers and wholesalers worldwide.
KTC, which reported a 10% sales increase in the past year and claims a current turnover of £233M, expects this to increase by a further amount this year.
It said the funding would give it the financial headroom it needed to focus on its expansion strategy, with plans to increase its global export operations by 25% over the next five years.
Exports
Currently, the firm exports to Europe, North America and Canada, which account for 5% of sales, and it is now looking to venture into new markets overseas.
KTC Edibles employs 275 people across its two sites in Wednesbury and Liverpool and supplies more than 250M litres of oil to the food industry every year.
“Our business has seen impressive growth over the past few years,” said Renga Ramamoorthy, finance director at KTC Edibles. “This funding has provided us with the financial flexibility to concentrate on accelerating this with the expansion of our international client base.”
Tom Horton, relationship director at Lloyds Bank commercial banking, said: “KTC Edibles has a global reputation for high-quality products and, as this recent funding shows, it’s an ambitious business that is helping to drive the local economy by focusing on growth opportunities.”
