Premium shortbread maker Dean’s of Huntly has secured a £1 million trade loan to scale production and meet export demand across markets including China.

The loan from Bank of Scotland has been guaranteed by UK Export Finance (UKEF) through its General Export Facility (GEF), designed to unlock flexible finance for small and medium enterprises seeking to boost their exports.

The GEF-backed loan will enable Dean’s to ramp up production and fulfil orders across Australia, China, Japan, the US and Europe, while investing in solar panels and upgraded equipment to boost efficiency and sustainability.

The improvements will, it says, cut the company’s carbon emissions by 49.5 tonnes per year – the equivalent of a petrol car travelling around the Earth five times.

These developments continue Dean’s sustained growth journey, following last year’s acquisition of Duncan’s of Deeside, a fellow Aberdeenshire shortbread specialist. This expansion has brought an increase from 140 to 200 in full-time local jobs.

The family-owned company traces its origins to 1975, when Helen Dean baked homemade shortbread to fundraise for the local Huntly Pipe Band, where her husband was drum major.

Since then, demand for Dean’s shortbreads and biscuits has gone global, with an increasing part of turnover coming from exports. Dean’s products are now sought around the world for holiday celebrations ranging from Christmas to Lunar New Year.

Bill Dean, CEO at 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.”

Lara McGrath, export finance manager at UKEF, said: “Dean’s has established a reputation for producing premium shortbread enjoyed by customers around the world.

“We’re proud to work with Bank of Scotland to unlock the cashflow the company needs to meet rising export demand, while investing to future-proof its business.”

“From launching in Huntly to now shipping across four continents, [Dean’s] has grown into one of Scotland’s most recognisable food brands.”

Michael Thomson, Relationship Director, Bank of Scotland

Michael Thomson, relationship director at Bank of Scotland, said: “Dean’s is a fantastic Aberdeenshire success story. From launching in Huntly to now shipping across four continents, it has grown into one of Scotland’s most recognisable food brands.

“The UKEF-backed facility has unlocked further export opportunities and gives Dean’s the flexibility it needs to fund overseas orders, invest in production and support its continued growth and contribution to jobs in the North East.”

UKEF says smaller businesses like Dean’s are central to its plan to boost UK exports. Between 2024 and 2029, UKEF’s strategic aim is to support UK firms to win over £12.5 billion of new export contracts through its export finance offer.

Over the last financial year, UKEF provided over £11 billion in loans, guarantees and insurance to UK companies, supporting up to 85,000 jobs and contributing up to £6.4 billion to the economy.

Trade minister Lord Sarwar said: “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.

“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.”