Navara Oat Milling, a new joint venture in food manufacturing, is building a state-of-the-art oat processing plant in Kettering supported by a £15 million asset finance funding package from HSBC UK.
Navara is jointly owned by crop production and grain marketing company Frontier Agriculture; farmer owned cooperative Camgrain; and Anglia Maltings Holdings (AMH), a food and drink ingredient manufacturer.
All three companies bring together a longstanding expertise in their respective supply chains and markets and have come together to meet the demand for oats in the food and drink sector.
The support from HSBC UK will enable Navara Oat Milling to build and operate a new cutting-edge processing plant, set for completion in 2023.
Once up and running, the new mill will be poised to meet the growing demand for oat ingredients in the food and drink industry. The new mill is expected to create 120 new jobs – 60 during the construction phase, and a further 60 to operate the plant when complete.
Mark Aitchison, Managing Director of Frontier and chairman of the new joint venture, said: “There’s increasing demand for oat ingredients in healthy food products and non-dairy drinks.
“Our collective vision is to build and grow a dedicated oat supply chain, bringing farmer and food manufacturer closer together and delivering improvements that benefit each sector and the environment.
“The support from HSBC UK has been invaluable in enabling us to bring our plans to life.”
Allan Wilkinson, UK head of agrifoods at HSBC UK, said: “The demand for oat-based products has increased heavily due to the proven health benefits, with many switching to plant-based products as part of their diet.
“We’re delighted to be supporting this new venture, which brings together three of our existing clients, boosting oat production across Europe.”plant-based funding industry