Unicorn Ingredients Expands Into Indian Market
17 Feb 2015 --- Leading ingredients supplier Unicorn Ingredients is set for worldwide growth following a new funding deal secured with RBS Invoice Finance and NatWest.
Unicorn Ingredients has opened an office in India as it expands its operations worldwide. The facilities provided by RBS Invoice Finance and NatWest are helping to provide working capital to support this growth strategy.
The new office, in Baroda, in the Indian state of Gujarat, will open up new markets and enable it to source greater quantities from India, said Unicorn Ingredients joint managing director Frank Horan.
He commented: “Baroda is in the main sesame-seed producing area of India and sesame seed is one of our key products. The office will allow us to control and monitor the quality of supplies more closely and build closer relationships with producers. ”
The company supplies a number of UK and European bakeries with sesame seeds used primarily by the burger bun sector, he explained. Nigella seeds (black onion seeds) are also being sourced from India.
Horan added: “The new Indian office is a procurement office so far, but we will be adding on sales functions as trade increases.”
Unicorn Ingredients also opened an office in China in 2011, and was recently approved as a food importer and agent to the Chinese market. The company created a new brand, Copihue, which it uses for its current three-product Chinese range of honey, cereal flakes and extra virgin olive oil.
The RBS Invoice Finance and NatWest partnership will facilitate its business development, in future Horan said, giving it the working capital to go on to the next stage of its growth. He said: “RBS Invoice Finance and NatWest have been very attentive in the initial phases of the transfer and provide a timely, prompt and efficient service.”
Unicorn Ingredients was founded in 2008 by former Fuerst Day Lawson directors Frank Horan and Nicola Divers. It has seen seven consecutive years of growth with current annual turnover at £22 million. It now has 18 employees.
David Beard, Relationship Director for NatWest said “Unicorn Ingredients was highlighted as a fast growing and dynamic company, hence our original approach to Frank and Nicola to be the funding and banking partners for the next phases of the company’s growth. What became apparent during our meetings with Frank and Nicola was their passion for client service and delivery of a quality product, much aligned to the service ethos that we deliver to our own clients.”
Katie Sinanian, Business Development Manager at RBS Invoice Finance added: “We are delighted that RBS Invoice Finance now provides Unicorn Ingredients with a flexible funding package, with headroom for the growth planned, with NatWest providing the day to day trading services to execute their activities efficiently.”
