Cleanbake secures £400,000 backing
A company which specialises in the supply, refurbishment and cleaning of commercial baking trays has secured loans of £400,000 from two investment funds.
Cleanbake has been backed by the Merseyside Special Investment Fund (MSIF) and The North West Fund for Business Loans, managed by FW Capital, which have each put in £200,000.
The Skelmersdale-based firm counts ASDA, Morrisons, Premier Bakeries and Warburtons as customers.
It was acquired by Shaun Hughes in 2008 and it now employs 63 staff and is aiming for turnover of £5.6m this year.
He said: “Our business requires capital commitment up front when we win new contracts so the funding we have secured is vital to meet the needs of our clients.
“This funding will give us working capital to invest in new stock and the option to take on new staff which will not only enhance the service we offer to current clients but give us the resource we need to service more contracts”
“I doubt there are many businesses in this area that can say they are retaining staff or looking to create new jobs but we are working very hard to drive up growth and so far it is paying off.”
He added: “Currently it is quite difficult for businesses to secure funding but MSIF and FW Capital worked well as a team to put the right funding package together and we are delighted to have them on board as investors.”
MSIF investment director Paul Humphray said: “The company is run by an impressive management team who have transformed the business by investing in major improvements to help the company become more efficient and help it attract blue-chip customers. Cleanbake is now in a great position and I believe this investment will help it develop in further.”
Cowgill Holloway provided corporate finance advice to the company.
