A Hetton-Le-Hole-based business that sells spices and seasonings across Europe has secured a £7m invoice package with NatWest to bolster its UK operations for expansion.
The Moguntia Food Group, which employs 125 people in the UK, was founded in Mainz, Germany, in 1903. This family-owned company produces and sells spices and seasonings, as well as a range of free range sweet products to the food industry. 29 different countries.
In line with the company’s growth ambitions, the invoice financing package gives Moguntia the flexibility to use any strategic acquisition opportunities, as well as the ability to respond to any changes in the market or increase in customer demand.
Darren Ferguson, head of finance at Moguntia, said: “We are an ambitious company and are keen to explore future growth opportunities as they arise, whether through acquisitions or new partnerships with like-minded organisations.
“Our partnership with NatWest gives us the foundations and flexibility to be ready for growth, which is one of the real advantages of being financed by a UK-based bank with local teams.”
Graham Robinson, relationship director at NatWest, said: “It is an honor to be able to support the Moguntia team with their funding and expansion ambitions.
“It’s great for the region that a forward-thinking European organization has chosen to base its operations in the North East and I can’t wait to see what’s next for them now that they have the capital to pursue their growth ambitions.”