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Rotherham-based Planet X has secured a £3.225 million funding package through Santander UK.
In 2020, Planet X’s 50 employees acquired the business from its founders and set up an Employee Owned Trust. The business has now moved its banking to Santander UK and is accessing a range of facilities to support its international growth plans.
The company has predominately UK-based customers, with around 73% of its turnover coming from UK based sales. It is planning to increase its international sales from its current levels of 22% of turnover from Europe and 5% from the rest of the world. Santander UK is supporting the business with a £1.5 million trade finance facility, alongside a range of additional support totalling £3.225 million.