Muntons PLC, in Stowmarket, enhancing sustainability drive with £83m funding package from HSBC UK

A malt grain manufacturer is enhancing its sustainability drive through an £83 million funding package from a bank.

Muntons PLC, which has a plant in Stowmarket, was one of the first recipients of HBSC UK’s Sustainability Improvement Facility.

This will allow the business to invest further in sustainability initiatives and support future projects, including an extensive regenerative agriculture programme which could reduce emissions by up to 95 per cent.

Kate Dixon, head of sustainability, innovation and marketing at Muntons, said: “Our journey towards sustainability is far from over, but we have already made great progress thanks to the support of HSBC UK.

“This funding reaffirms our commitment to sustainable practices and also provides us with the necessary capital to expand both domestically and internationally."

Two years ago, Muntons met its science based targets from 2015 of reducing onsite emissions by 45 per cent.

It also set a target to curb emissions from the growing of malting barley by 30 per cent by 2025.

Muntons has created ‘ingredient innovations’ such as Maltichoc, that can replace up to 25% of cocoa powder in recipes with 96 per cent less carbon footprint.

Kirsty Johnson, client director at HSBC UK, said: “Muntons’ evidenced approach to practical change is inspiring, and it’s brilliant to see the business’s commitment to reducing its environmental footprint while also driving growth.”

The Sustainability Improvement Loan is designed to help businesses transition to a more sustainable economy by linking their cost of capital to their EcoVadis Sustainability Rating.

Muntons has a gold EcoVadis rating, placing it in the top five per cent of sustainable companies assessed by the organisation in the world.