Lloyds invests in milk analysis company
Dairy and livestock information company National Milk Records (NMR) has secured a £250,000 (€281,000) hire purchase facility from Lloyds Bank Commercial Banking. As a result, the company has upgraded machinery in its Wolverhampton, UK laboratory, allowing it to provide farmers and retailers more accurate information about milk products.
NMR, which reportedly has a turnover of €23.6 million, analyses milk sold in the UK’s major supermarkets including Sainsbury’s and Waitrose, providing data about the fat, protein, and hygiene levels in milk for more than 4,000 farmers across the UK.
This information is used by farmers to help them improve their herds by selectively breeding cows to produce the highest quality milk. Milk processors and retailers use the service to judge the value of the milk before purchasing products.
The company operates two laboratories in Wolverhampton, UK and Hillington in Glasgow, Scotland.
Mark Frankcom, finance director at NMR, says, “After years of fluctuating milk prices, on-farm profits are now back on the rise, making now the perfect time to invest in our operations.
“This year has been a milestone year for us as we’ve introduced new investors, allowing us to operate more independently. The introduction of new machinery is an important step in future-proofing our business and benefiting from the increased confidence in the market.
“We’ve enjoyed a long-term relationship with the team at Lloyds Bank and we look forward to working with them again as we continue to grow.”
Stuart Williams, regional manager at Lloyds Bank Global Transactional Banking, adds, “We’re committed to helping Britain prosper by supporting small-to-medium sized businesses such as NMR, and to underline this, we’ve increased our net lending to SMEs by 32%, while the market has contracted by 12%.”