Highland Spring Group has refinanced its balanced sheet in order to stay on track for £200 million of sales over the next five years.

New term and credit facilities of £50m have been agreed with Bank of Scotland and Barclays as the Perthshire-based business progresses builds on sales which grew by 15.5% to £130.6m in 2023.

The brand consolidated its position as the UK’s number one plain water brand for a seventh successive year.

Its dedicated rail freight facility at Blackford transports 40% of the water supplied from the main bottling plant by rail, removing 8,000 heavy goods vehicle movements from the roads, and saving around 3,000 tonnes of CO2 every year.

Now bottling approximately 550 million litres of water a year, the group employs more than 420 staff.

John Young, finance director, said: “The Bank of Scotland and Barclays funding provides a springboard for us to further invest in our business to boost sustainable growth.

“This package reflects their confidence in our strong operational and market performance.”

Simon Sweeney, director at Bank of Scotland, commented: “Highland Spring Group was the first major water brand to introduce a 100% recycled [cap and label excluded] and recyclable bottle in the UK in 2019 and it is clear that its drive to innovate, grow the business, and prioritise environmental sustainability remain its top priorities.

“We’re pleased to support the business with this financing package as it progresses in its next chapter of delivering its ambitious growth plans, including initiatives which reduce carbon emissions across its operations.”