Wold Top Brewery toasts £200,000 loan to backs international expansion
Wold Top Brewery is going flobal with the backing of UK Export Finance (UKEF) – the government’s export credit agency.
The Driffield-based company had already been exporting to Canada and several European countries but has recently been able to fulfil further orders to North America and Europe.
It follows the brewery getting a trade loan up to the value of £200,000 from its bank Virgin Monday, which is guaranteed by UKEF’s General Export Facility. Wold Top now plans to expand its product range and add Spain to its list of export countries.
Kate Balchin, Managing Director at Wold Top Brewery, said: “Working with UKEF has been critical to our continued success. This support has been particularly important when managing cash flow for exports to countries such as Italy, which have longer payment terms. This business means a lot to my family, with the farm having been started by my great-grandfather. The backing from UKEF and Virgin Money has helped us grow and take our beer international."
Manuel Fantin, Humberside, South & East Yorkshire Export Finance Manager at UKEF, commented: “It is so rewarding to support a small family-run business and help the company’s continued growth.
"Wold Top are supporting the local economy through their farm-based production process and their expanding portfolio of export orders. The General Export Facility is ideal for just this, providing extra financing to manage new orders or expand exports.”
Peter Hough, Commercial Director - Strategic Finance, at Virgin Money, added: “Providing Wold Top Brewery with access to finance is a great example of how we at Virgin Money look to empower small businesses.
"The support for UKEF has allowed us to reduce our risk and be able to continually provide support for businesses, like Wold Top Brewery, aiming to continue their export growth.”