A forward-thinking malt firm based in Suffolk has secured a hefty funding package to support its cash flow and help the business become more sustainable.

Family-owned Muntons of Stowmarket - which has led the way on various decarbonising efforts - is being backed by a £83.8m Sustainability Improvement Loan from HSBC UK.

The money will be used to fund projects including its regenerative agriculture programme which, at trial, has generated up to a reduction in emissions of up to 95%.

The 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 an EcoVadis Gold rating - which placed it among the top five per cent of sustainable companies in the world - after setting itself targets to cut its onsite emissions by 45%. It met the targets in 2022 - seven years later. It also wants to cut emissions from growing malting barley by 30% by next year.

As part of its approach it has created ingredient innovations such as Maltichoc which can replace up to 25% of cocoa powder in recipes with a 96% lower carbon footprint.

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."

HSBC client director Kirsty Johnson 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.”

Muntons has pledged to continue achieving zero waste to landfill and has further plans to reach carbon net zero by 2030.

The company - which also owns a maltings in Bridlington - supplies malt and malted ingredients for the global food and drink industry. It employs more than 250 staff in the UK and a further 70 internationally.