The consumer brand for pets has a turnover of £93million and will expand its current 260,000 square foot factory in Northampton by 50 percent.
The working capital facility provided by Lloyds Bank Commercial Banking will increase cash-flow as the family owned business invests in additional floor space and machinery. The expansion is expected to be complete by October this year.
Francis Powell, finance director at Butchers Pet Care Ltd, said: “This is an enormous market with great opportunities not just in the UK, but across the continent. We’ve seen the business grow consistently over the years and, with this factory expansion, we are on track to continue this growth well into the future”.
“Lloyds Bank took the time to really get under the skin of our business, tailoring a financial facility that freed up the cash flow for us to embark on our most ambitious development in years.”
Francesco Magli, client manager at Lloyds Bank Commercial Banking, added: “Almost half of people in the UK share their homes with a pet, so it’s no surprise that the industry is worth close to £3billion. As one of the UK’s leading pet food suppliers, and a key manufacturer with international aspirations, Butcher’s Pet Care is a great business for us to support.
“Having had a ten year relationship with the company, alongside our specific sector knowledge, we were able to create a bespoke facility that suited Butcher’s exact needs. Across Britain, we’re supporting businesses with tailored working capital facilities such as invoice factoring, discounting and asset based lending – giving them the toolkit they need to grow.”