4/07/2019 - Stokes
A British company that makes sauces and condiments for retailers around the world has doubled its capacity and launched new recyclable packaging after securing a £450,000 funding package from Lloyds Bank Commercial Banking.
Stokes Sauces, which makes condiments including ketchup, chutney and jam for major brands in more than 50 countries worldwide, including Waitrose and Sainsbury’s in the UK, has extended its existing production line to meet growing demand.
It has also expanded its existing product range with a new line of recyclable ‘squeezy’ bottles and introduced a new reduced sugar variant.
As well as extending their manufacturing facility, the Suffolk-based sauce maker, which makes more than 15 per cent of its sales overseas, has invested in new machinery including a steam cooking system, labelling machine and a capping machine.
The six-figure funding package, which forms part of Lloyds Bank’s commitment to lend £1.7 billion to businesses in the East of England, will also help the firm create 10 new jobs over the next 12 months, and increase its annual turnover by 25 per cent to £8.75 million.
Chris Reeves, commercial finance director at Stokes Sauces, said: “The new recyclable ‘squeezy’ bottles have been very well received, tapping into the current customer demand for convenience. This range was made possible due to our new processing plant, which has doubled our capacity by improving efficiency and production, as well as helping us add a range of new flavours to our product range.
“With the financing options provided by Lloyds Bank, we had the financial backing we needed to be able to invest in the specialist machines as quickly as possible, which has in turn given us a solid platform for growth over the next twelve months.”
Jonathan Hirst, relationship manager at Lloyds Bank Commercial Banking, said: “We’re committed to standing by the side of businesses, which is why we support ambitious companies like Stokes Sauces. The business has a track record of strong growth and we look forward to helping it on the next phase of its expansion plans.
“Stokes sauces is an excellent local brand with growing popularity. The business is flying the flag for the East of England both nationally and internationally, and the coming months look to be a very exciting time for the team.”
For more information on Stokes, please visit their website.