UK: Muntons secures £83.8m funding package to support its sustainability goals

UK malt manufacturer Muntons has secured a £83.8m funding package from HSBC UK to support its sustainability goals, Food Manufacture reported on October 7.

The manufacturer is one of the first recipients of the bank’s Sustainability Improvement Facility, designed to help businesses transition to a more sustainable economy by linking their cost of capital to their EcoVadis Sustainability Rating.

Funding from HSBC UK will be used to support cash flow as well as future sustainability projects, including an extensive regenerative agriculture programme.

Kate Dixon – head of sustainability, innovation and marketing at Muntons – said: “Our journey towards sustainability is far from over, but we have already made great progress thanks to the support of HSBC UK."

“Having received the King’s Award for Enterprise in Sustainable Development, which recognises our outstanding efforts in reducing environmental impact throughout our supply chain, this funding reaffirms our commitment to sustainable practices and also provides us with the necessary capital to expand both domestically and internationally.”

Muntons has already achieved an EcoVadis Gold rating, reportedly placing the business in the top 5% of sustainable companies – assessed by EcoVadis – in the world.

The manufacturer set science-based targets in 2015 to reduce its onsite emissions by 45% and emissions from growing of malting barley by 30% by 2025. Muntons has pledged to continue achieving zero waste to landfill and has further plans to reach carbon net zero by 2030.

HSBC UK client director Kirsty Johnson added: “Muntons’ evidenced approach to practical change is inspiring and it’s brilliant to see the business’s commitment to reducing its environmental footprint whilst also driving growth.”

Family-owned Muntons supplies malt and malted ingredients for the global food and drink industry from its plants in Stowmarket and Bridlington. The firm employs over 250 staff in the UK and another 70 internationally.

Meanwhile, Danish firm MATR Foods has signed a €20m loan agreement with the European Investment Bank (EIB) to expand production of its plant-based meat-alternatives.

Based in Copenhagen, MATR plans to use the funding to construct a “first-of-its-kind” manufacturing plant for the development of its clean label plant-based meat alternatives.

08 October, 2024