Malt supplier expanding after raising finance
The Haddington-based business has raised £4.5 million from HSBC to invest in equipment.
The funds will enable it to bring its roasting operations on site and ensure security of supply to its customers, improve quality control and better manage its costs.
The new equipment at the 800-year-old mill will now roast 6,000 tonnes of malt each year which ultimately forms a key malt extract ingredient in 1,400 branded product lines.
The company is a major employer in East Lothian and four additional jobs following this deal will take the payroll to 70.
Bruce Turner, managing director, said: “We are an ambitious company and proud of the heritage we have and the part we play in the local community.
“It is a significant step for us to introduce roasting on site, and the state-of-the-art machinery will allow us to continue to supply Scottish ingredients of the highest quality to some of the largest brands in the world. “
The finance package has been allocated from the bank’s national £8 billion SME fund, with £400m specifically designated to support Scottish firms.
Colin More, HSBC’s head of mid-market enterprise, Scotland, said: “This is an exciting period in the history of PureMalt Products. They have a great presence overseas, exporting to more than 50 countries, and they are banging the drum for the Scottish food industry.
“We have a long-standing relationship with PureMalt Products, which makes it all the more pleasing to provide them with support that will help them in their next phase of growth.”