- 拢4.5m finance package will support Smylie Ltd as it expands further into international markets
- The company recently switched to Santander due, in part, to its international capabilities听
- Smylie is one of the UK鈥檚 leading exporters of food and drink
Smylie Limited, one of the UK鈥檚 leading exporters of food and drink, has secured a 拢3.5m facility and 拢1m term loan after switching its banking to Santander UK. This additional working capital will allow the company to expand further into international markets 鈥 its key revenue stream.
The company, which is a family-run business based in Bromborough, was established in 2003 and provides food and drink to global retailers in over 50 countries across six continents. 100% of its turnover comes through export, making Santander an ideal fit due to its international footprint. Smylies will be able to take advantage of Santander UK鈥檚 international initiatives, including trade missions and events, as well as being supported in its growth plans.听
Chris Smylie, Managing Director at Smylies, commented: 鈥淚t was important for us to have a banking partner that could support our international ambitions. Alongside its range of financial support, Santander offers us both international and food and drink expertise and we鈥檙e very excited about the future.鈥 听听
Richard Oakley, Invoice Finance Specialist at Santander UK, said: 鈥淔ood and drink is the UK鈥檚 largest manufacturing sector and an important part of our economy. We鈥檙e proud to help businesses, like Smylie, with solutions that support growth. Our international footprint and sector knowledge means we can help businesses to understand, enter and build sales in new markets through our bespoke research tools and trade missions to countries where there's strong demand for UK products.
鈥淥ur global connectivity also means that we can introduce businesses to overseas importers, retail and wholesale buyers, as well as help put the right logistical, financial and compliance structures in place for success. We鈥檙e looking forward to a long and successful working partnership with Smylies.鈥
According to the latest MakeUK/Santander Food and Drink Bulletin (1), a large element of growth in the food and drink sector is coming from overseas, with sales abroad up by just under one quarter in the last two years alone. The EU remains the biggest total market accounting for just under two thirds (61%) of exports worth 拢13.9 billion, with Ireland the largest single destination (21.4% worth 拢4.2 billion) closely followed by The Netherlands, France, the USA and Germany.
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Notes to Editors听
1.听听 听MakeUK/Santander Food & Drink Bulletin, 16 December 2019.
For information about Smylie Ltd please contact:
Chris Smylie 鈥 Managing Director 听 听 听 听
E: chrissmylie@smylies.com
W:
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Lara Lipsey听 听 听 听 听 听 M: 07713 560 209 听听 E: Lara.Lipsey@santander.co.uk听
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