A MALVERN-based hops specialist has expanded its presence in the USA after securing a £6 million financial package from Lloyds Bank Commercial Banking.
Charles Faram, established in 1865, supplies hops and hop products to breweries across the country including both large regional and small micro-breweries.
The company, based at Monksfield Lane in Newent, also exports to Scandinavia and mainland Europe.
Sales of the company’s products have increased by 20 per cent for the past five years and following an increased demand in America, the company has expanded its presence in the USA and will open a fourth office and a cold storage facility in Yakima, Washington, in June.
The funding from Lloyds Bank will allow the business to finance more stock for the North American market, as well as invest in new packaging lines to support its exporting operations.
Charles Faram has an annual turnover of £34 million and employs 46 people across its three offices in Malvern, USA and Canada.
Managing director Paul Corbett said: “We’ve experienced an increase in demand for our products overseas as we now export to 45 countries worldwide. International expansion is at the heart of our growth ambitions, making it the ideal time to expand our business in America.
“We’ve enjoyed a longstanding relationship with Lloyds Bank, and the team has continued to support us during this time of rapid growth.”
Mark Robinson, relationship director at Lloyds Bank Commercial Banking, said: “As the popularity for craft beer and British-made products continues pick up momentum worldwide, Charles Faram has spotted a lucrative opportunity to export its products overseas.
“We’re committed to helping Britain prosper through supporting ambitious mid-market sized businesses like Charles Faram. By providing tailored funding packages we’ve been able to support overseas expansion and encourage sustained growth.”