An innovative malt grain manufacturer, headquartered in Suffolk, is accelerating progress on its sustainability goals by becoming one of the first recipients of HSBC UK’s Sustainability Improvement Facility.
Muntons PLC secured an £83.8 million funding package from HSBC UK, which has allowed the business to invest further in its sustainability initiatives.
The funding from HSBC UK will be used to support cash flow as well as future sustainability projects, including an extensive regenerative agriculture programme, which, at trial, has generated up to a 95 per cent reduction in emissions.
HSBC UK’s Sustainability Improvement Facility is designed to help businesses transition to a more sustainable economy by linking their cost of capital to their EcoVadis Sustainability Rating.
Muntons already has a EcoVadis Gold rating, placing the business in the top five per cent of sustainable companies, assessed by EcoVadis, in the world.
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. Having received the King’s Award for Enterprise in Sustainable Development, which recognises our outstanding efforts in reducing environmental impact throughout our supply chain, this funding reaffirms our commitment to sustainable practices and also provides us with the necessary capital to expand both domestically and internationally."
Kirsty Johnson, Client Director at HSBC UK, added: “Muntons’ evidenced approach to practical change is inspiring, and it’s brilliant to see the business’s commitment to reducing its environmental footprint whilst also driving growth.”
Muntons set science-based targets in 2015 to reduce its onsite emissions by 45 per cent – which it met in 2022 - and emissions from growing of malting barley by 30 per cent by 2025.
Muntons has also created ingredient innovations such as Maltichoc, that can replace up to 25% of cocoa powder in recipes with 96 per cent less carbon footprint.
Muntons has pledged to continue achieving zero waste to landfill and has further plans to reach carbon net zero by 2030.
The company is family-owned, with plants in Stowmarket and Bridlington. It supplies world-class malt and malted ingredients for the global food and drink industry. The firm employs over 250 staff in the UK and another 70 internationally.
