The Cornish Sea Salt Company is targeting international sales growth after securing £1.3 million in funding.
The Helston-based business has received £975k in growth capital funding from Santander Corporate & Commerce, and a further £307k grant from Cornwall Marine Network.
The firm, which already exports its range of natural salt products to over 30 markets, is benefiting from strong demand for its retail products in the UK and increasingly abroad, and is forecasting to double the number of staff at its Cornwall facilities over the next 18 months to cater for these opportunities.
The company, which currently employs 29 staff, has a product range including sea salts, sea flakes and sea peppers with sales to a diversified customer base including food manufacturers, major wholesalers, and leading retailers such as Waitrose, Asda, Tesco and Sainsbury’s.
Since being established in 2007, sales have risen steadily, with revenue for its 2015 financial year forecast to grow 28% year-on-year to £2.3 million, with earnings (EBITDA) up 229% to £230k.
The funding will be used to expand its Cornwall production facilities to fulfil domestic and international demand and to invest in the firm’s international sales infrastructure.
It will also help the Cornish Sea Salt Company to add 25 full-time personnel by the end of 2017.
Chairman, Mark Sullivan, said: “We are delighted to secure the support and funding from Santander’s growth capital fund which will allow us to expand our production facilities and support our growth ambitions.”
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