Hops merchant Charles Faram has expanded its presence in the US to fuel the craft beer boom after securing a £6m bank funding package.
Established in 1865, the business supplies hops and hop products to breweries across the country, including large regional and small micro-breweries. It also exports to Scandinavia and mainland Europe.
Sales have jumped 20% for the past five years at Charles Faram, which employs 46 staff across its three offices in Worcestershire, the US and Canada, to hit £30.5m in the year ended 30 June 2016.
It has expanded its presence in the US to cater for increased demand and is set to open a fourth office and a cold storage facility in Washington state in June.
The funding from Lloyds Bank Commercial Banking will allow the business to finance more stock for the North American market, as well as invest in new packaging lines to support its exporting operations.
“We’ve experienced an increase in demand for our products overseas as we now export to 45 countries worldwide,” MD Paul Corbett said.
“International expansion is at the heart of our growth ambitions, making it the ideal time to expand our business in America.”
Mark Robinson, relationship director at Lloyds Bank Commercial Banking, added: “As the popularity for craft beer and British-made products continues pick up momentum worldwide, Charles Faram has spotted a lucrative opportunity to export its products overseas.”
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