An innovative Fife-based business which manufactures and sells pioneering eco-friendly cleaning products is set for expansion after securing financial support from HSBC UK.
Wolf Formulations, which has created a range of eco-friendly biodegradable cleaning capsules, is experiencing increased international demand in export markets that include Germany, Scandinavia and France. The funding has facilitated the purchase of new laboratory equipment that will enable the business to increase its production and supply more products to these markets.
Wolf Formulations range of reusable and decomposable eco capsules contain a super-concentrated formula which dramatically reduces waste by using plastic free packaging and minimises cost to customers. They are primarily designed for household use, though the business has recently introduced capsules which are formulated specifically for the automotive and professional sectors.
The family of Max Wolf, whose links to the business date back to 1825 when his ancestors started making soap in their home in rural Germany, continue to be well known and respected in this field. Today, Max’s aim for the business with the support of HSBC UK is to become a market leader in niche sectors of the green revolution.
The finance was allocated from HSBC UK’s national SME Fund which aims to actively support UK SMEs. The £12 billion fund announced by HSBC UK includes £650 million committed to supporting SMEs in Scotland.
Max Wolf, Chief Executive Officer of Wolf Formulations, said:
“Small consumer changes can have large collective, positive impacts on the environment, and, with HSBC UK’s support, we remain dedicated to finding innovative ways of reducing the environmental impact of our cleaning products. Thanks to this latest round of funding, our new state-of-the-art equipment is already helping us meet demand and increase sales in our key European export markets.”
Susan Rowand, Head of Business Banking in Scotland for HSBC UK, said:
“We are thrilled to be helping a Scottish business with international links increase its exports and further enhance its visibility in European markets. We look forward to supporting Max and the team on their journey as they continue to innovate and encourage others to implement more sustainable practices.”