Aberdeenshire shortbread producer Dean’s of Huntly has secured £1m in government-backed trade finance to increase production capacity and meet rising demand from overseas markets.
The family-owned business received the loan from Bank of Scotland through UK Export Finance’s General Export Facility, a scheme designed to help small and medium-sized businesses access flexible funding to grow international sales.
Supporting overseas demand
The funding will allow Dean’s to fulfil orders across Europe, North America, Asia and Australia, with key markets including Australia, China, Japan and the US.
It will also support investment in upgraded production equipment and solar panels, aimed at improving operational efficiency and reducing the company’s environmental impact. The planned improvements are expected to cut carbon emissions by 49.5 tonnes a year.
Bill Dean, chief executive of Dean’s of Huntly, said: “The flexible support from UKEF and Bank of Scotland means we can fund overseas orders and smooth the peaks and troughs of seasonal demand, while at the same time continuing to invest in production capacity and sustainability.”
The finance follows Dean’s acquisition of fellow Aberdeenshire shortbread business Duncan’s of Deeside last year. The expansion has increased the company’s full-time local workforce from 140 to 200 employees.
Dean’s was founded in 1975 after Helen Dean began baking homemade shortbread to raise money for the Huntly Pipe Band, where her husband was drum major. It has since developed into one of Scotland’s best-known food brands, exporting its shortbread and biscuits to customers around the world.
Export backing
Minister for Trade Anas Sarwar welcomed the deal, saying the support would help a Scottish food and drink business expand into new markets.
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“Scottish shortbread is enjoyed across the world and it’s fantastic to see UKEF back Dean’s of Huntly as they expand into exciting new markets,” he said.
“By helping businesses access the finance they need, UKEF is supporting our world-class food and drink sector to succeed and drive growth across the UK.”
Michael Thomson, relationship director at Bank of Scotland, said the facility would give the company greater flexibility to fund overseas orders, invest in production and continue its contribution to jobs in the North East.
