Bottled water firm Highland Spring Group is celebrating a top-up to its finances after securing a £55.5 million funding package from HSBC UK that will buoy its green credentials.
The Perthshire-based business said it is continuing to invest in both its operational and environmental strategy after netting the backing, which includes asset-based lending and debt refinance.
Some of the funding will be used to reduce the amount of polyethylene terephthalate (PET) plastic in the manufacture and production of Highland Spring products as it seeks to slash its use of PET plastic by 20 per cent and boost the recycled PET plastic content of Highland Spring bottles to 50 per cent.
The group is also investing in a new railway siding next to the main bottling plant, lowering its road miles and therefore its carbon footprint.
Chief operating officer Mark Steven said: “HSBC UK’s funding has been instrumental in enabling the Highland Spring Group to continue to develop and implement innovative projects which support both our operational strategy and our environmental ambitions. As a responsible company, we are committed to investing in solutions which will make positive changes across our business and advance our focus on providing healthy hydration in an environmentally sustainable way.”
HSBC UK relationship director Ross Keenan said: “We are proud to support businesses in the UK that is developing innovative new ways of better serving the environment, and Highland Spring Group are a fantastic example of a business that is committed to developing a truly circular plastic economy in the UK and reducing its carbon footprint.”
Highland Spring says it is the UK’s leading producer of natural source bottled water, with about 470 staff at four sites across the country – and will bottle around 400 million litres of the liquid this year.