The company’s expansion plans followed year-on-year growth of 33% between 2016 and 2017. The funding will be used to help the firm start to export into Europe and the United Arab Emirates.
The Malted Waffle Company would use the funding to drive growth over the next five years, increasing the leasing of waffle machines to the hospitality industry to grow sales of waffle mixture.
‘Set our sights overseas’
Founder Georges Barrett said: “Now that we are established in the UK, we want to set our sights overseas. In the short term, this means targeting Ireland, Spain, France and the UAE; longer term, I want our aspirations to be global.
“We have developed a great business supported by a strong business model and top-quality products, and we truly believe we can grow in new markets. The funding and insights from Santander have been instrumental in opening up this opportunity.”
Additional support from Santander Business Banking included attendance at Santander’s Breakthrough events, where The Malted Waffle Company showcased its products to relevant stakeholders and prospects, and access to Santander’s co-funded intern programme.
Increase its employee base
The company currently employs 11 staff and is looking to increase its employee base to accommodate increased sales in the UK and overseas.
Commenting on the funding, Santander Business Banking relationship director Chirag Mistry said: “The Malted Waffle Company is a very strong business and we are proud to be able to help it meet growth targets for the years ahead.
“We look forward to supporting them in their aspirations to becoming not just the UK’s leading supplier of waffle irons and products, but the world’s.”
Meanwhile, last month, The Primal Pantry, the high-protein snack manufacturer, secured a £3m investment from NVM Private Equity.