Chocolate manufacturer tries new funding recipe
A Birmingham chocolate manufacturer has secured a £3.5m funding package from Lloyds Bank Commercial Banking to support increased investment in its plant and boost capacity with new machinery.
Walkers Chocolates, which was established in 1977, manufactures chocolate products for some of the UK’s biggest retailers, including Asda, Sainsburys, Morrisons, Tesco and Aldi, as well as clients in 15 countries worldwide.
This investment is set to increase Walkers Chocolates’ turnover by an additional £2m in the next year and the business is looking to expand its 300-strong team to support this growth.
Neil Rose, finance director at Walkers Chocolates, said: “This investment puts us in a good place to expand and grow by boosting our manufacturing capacity and developing new products. It also stands us in great stead to attract new customers and plan more efficiently for Christmas, which is always our biggest trading period.”
The working capital facility from Lloyds Bank has supported the purchase of new machinery, which will enable the business to boost its capacity by 40% for its key trading periods including Easter and Christmas. The funding will also be used to invest in new product development, such as assorted chocolate boxes.
The products are supplied for retailers’ own-label ranges and the business also sells its own brands, which include Ashley’s, Harrington’s and Marcheurs.
Rebecca Blaymires, associate director at Lloyds Bank Commercial Finance, said: “Chocolate remains one of the UK’s favourite treats and is worth £1.1bn to the national economy. The Midlands is home to some of the country’s most renowned chocolate makers and we’re standing by the side of businesses like Walkers Chocolates to help them invest in their growth.”
