The Somerset cheesemaker has been granted support from UK Export Finance (UKEF) and Barclays – an investment that will help the manufacturer to tackle inflationary pressures that have increased its production costs ‘exponentially’.
The £30m general export facility is a revision on an existing financing facility, which has been amended to factor in the increase in costs.
Wyke Farms produces over 18,000 tons of cheddar cheese each year, 65% of which is sold domestically, including premium own-label ranges in the UK for supermarket chains, such as Lidl, Asda and Co-op. The remaining 35% share of around 6,000 tons is exported abroad, including in Australia, the US, Japan and South Africa.
The company has also invested in boosting its sustainability credentials and produced its first carbon-neutral cheddar – more on which can be found in this DairyReporter article.
Richard Clothier, managing director at Wyke Farms, said: “We’re grateful for UKEF’s support and Barclays which enabled us to fulfil our growing export sales despite the rising cost of production.
“By developing these new regions, we can expand sales of our more premium cheeses which helps to improve the milk price paid to Southwest farmers and therefore benefits the whole region. This UKEF support has enables us to grow our business quicker by allowing us to continue to push further into markets all over the world.”
UK Trade secretary Kemi Badenoch added: “I am delighted to see our first-class food producers take full advantage of opportunities outside the EU that trade opens up.
“This funding will help Wyke Farms - a local, family-owned, and sustainable firm - promote their iconic British brand and sell more delicious British cheese to customers around the world.”