Devon cheese supplier set to triple first year sales targets
Millbrook Dairy Company is set to more than triple its first year’s sales targets, reaching £10million, with support from a £800,000 working capital facility from Lloyds Bank Commercial Banking.
The UK cheese supplier, which was launched by business partners David Evans and Kevin Beer in January 2019, buys in cheese from manufacturers across the world, and sells in bulk to its customer base both nationally and internationally.
The business is now on track to sell 4,000 tonnes of cheese against a prediction of 1,650 tonnes in its first year of operation. As a result of strong demand, the company turned to Lloyds Bank to secure an invoice finance facility to free up cash ahead of client invoices being paid.
The funding is part of the bank’s pledge to lend £1.5billion to local businesses this year. It will be used to support the firm’s daily cash flow needs and allow it to take on more contracts to enable quicker growth.
The business has already secured £5million worth of sales and is set to more than triple its £3million target by the end of the year. By 2020, the business expects to increase its workforce to five people, including finance, technical and administration roles.
David Evans, co-founder of Millbrook Dairy, said: “Between Kevin and I, we have almost 60 years’ experience in the dairy trading industry. The cheese sector has a high capital demand, but this isn’t something that was going to stop us setting up our own business. We both felt the time was right for us to make our move, so without hesitation we agreed to set up our trading and grading company.
“We are passionate about what we do, and we take the time to identify the best possible ranges of cheese for our clients. This has led to an incredibly positive reception so far this year, and Lloyds Bank has stood by our side by committing to support us in the coming months and years ahead.”
Jon Cockbain, relationship manager at Lloyds Bank Commercial Banking, said: “We have established a close working relationship with Millbrook Dairy. The funding facility is allowing the business to reach for heights well beyond its hopes and expectations for the first year, to help both the South West and Britain prosper.”
“Millbrook Dairy has a very bright future ahead, and we are looking forward to continuing to work alongside them as they continue to invest in the business.”