Eaton’s Patisserie recently secured new business contracts, resulting in it outgrowing its former 325m2 manufacturing site.
The management team turned to Lloyds Bank for a six-figure loan to buy the new premises on Combe Road, Torquay, increasing capacity fivefold from its previous site in nearby Kingsteignton.
The move is expected to double annual turnover from £3m to £6m and increase the workforce from 40 to 80 in the next five years.
Working capital facility
A working capital facility has been put in place to allow the business to invest in new equipment for the site, including ovens, without affecting day-to-day cash flows.
The business, founded in 2010, handmakes more than 300 varieties of desserts ranging from baked puddings, individual desserts to large gateaux, for customers in the hotel, catering, retail and wholesale sectors.
“First and foremost, delivering high-quality cakes and desserts to our customers is at the heart of everything we do,” said Eaton’s Patisserie managing director Russell Eaton.
“While some of our orders are large-scale, our homemade, traditional credentials do not falter. Our investment into our manufacturing site, equipment and colleagues will allow us to continue growing our customer base and developing our product line, to the high standard for which we are already renowned.
“Limited space at our old premises was stifling our growth. We wouldn’t have been able to take the steps to futureproof the business without the support Lloyds Bank has shown us.”
Andrew Blanchard, relationship director for small and medium-sized enterprises at Lloyds Bank Commercial Banking, added: “The UK’s food and drink industry is vital to our economy – contributing £28bn annually and employing 400,000 members of staff.
“The new facility in Torquay will allow Eaton’s Patisserie to continue bolstering this sector and the local economy, as well as investing in its already much-loved desserts portfolio.”