The branded cheesecake and own-label desserts firm will open the factory in Hawkhurst, Kent, after winning interest from HSBC. Rhokett said the money would allow it to double its capacity, and increase its output.
The new factory will be constructed alongsideits second factory, in Hawkhurst. The new 2,044m2 facility is expected to begin production at the end of this month.
‘High levels of demand’
Rhokett chairman Peter Le Voir said: “We are very excited to be opening the new factory shortly. The doubling of capacity is in response to high levels of demand for our bespoke desserts, cakes and related products.
“We are proud of the contribution that we can make, including the provision of increasing employment opportunities.”
Rhokett expected its turnover to increase 20% to more than £15M next year, it said. The firm has grown over 20% every year for the past 10 years, and supplies major retailers including Marks & Spencer, Waitrose and Sainsbury.
The £1.5M investment package included £900,000 as a term-long loan, and an asset finance facility of £600,000. The desserts business said the development of the facility wouldn’t have been possible without the bank’s financial backing.
HSBC corporate banking relationship director in Kent Matt Povey said: “Rhokett has experienced great success since launching in 2002, with an impressive customer portfolio featuring some of the nation’s most famous retailers and eateries.
“With such rapid growth and a new range launching, the company needed a third factory. Our team worked closely with Rhokett to ensure a bespoke funding package was created to best support the business during its continuing expansion.”
Rhokett investment – at a glance
- £1.5M cash injection from HSBC
- Third factory opening in Hawkhurst, Kent
- Rhokett to double capacity and increase output