Coconut Merchant Limited12 April 2018
Ethical food wholesaler, Coconut Merchant has made the switch to Shawbrook Bank with a funding line that will support the business in realising significant opportunities for expansion in Europe as well as providing a strong platform to launch into the U.S. market.
Coconut Merchant specialises in supplying coconut-based products, including water, oils and butter. The health benefits associated with these products have become widely publicised, leading to large retailers such as major supermarket chains and Amazon broadening their ranges. The business supports farmers and local communities in Far Eastern countries, including Sri Lanka, Indonesia, Thailand and Vietnam.
Seeing demand rising with mainstream consumers, business founder, Shan Vignes recognised that a larger and more flexible funding facility would enable Coconut Merchant to embark on its plans to secure further international growth.
Mr Vignes said: “Coconut Merchant is already the number one coconut oil seller in Europe on Amazon and with Shawbrook Bank’s funding we are able to leverage our position and take our plans to fruition by continuing our expansion in Europe and launching in the U.S. In addition, the level of funding available gives us the freedom to jump on deals immediately to secure the best stock in the market.”
He continued: “Making the switch from our previous funding provider was far more straightforward than we would have thought. Shawbrook worked closely with us throughout the process to guide us and ensured a quick, smooth transition. We now regard Shawbrook Bank as a long-term partner in every sense. They are completely supportive of our business approach in creating a sustainable business model where everyone wins. They took the time to understand our business and the numbers, but far more importantly they looked at how we work, what we are looking to achieve and structured the facility around our business plans”.
Mark Parsons, Senior Relationship Director at Shawbrook Bank, added: “The company has demonstrated the ability to grow sales consistently and places great emphasis on developing a stable and loyal supply chain by helping farmers to trade successfully. After getting to know the team and the business, it was a simple decision to support Coconut Merchant with a level of funding that will allow them to drive their sales in Europe and into North America. Directly linked with the company’s sales, the funding gives the business the ability to scale up and meet the rising levels of demand for their products.”