Bravura said it aimed to use the cash to improve inventory and stock flow as it responds to substantial growth since its launch eight years ago. Staff numbers have increased by 55% since 2017 and sales have risen by 45 percent in the past year.
A spokeswoman for the company told Food Manufacture: “We are looking at another year of impressive growth around the 40% level.”
Bravura has a portfolio of ten vegan and vegetarian drinks, confectionery and snacks brands, including Captain Kombucha and Vegan Bakery, and two of its own brand products, Free From Fellows and Peanut Hottie. Customers include supermarkets, convenience stores and foodservice outlets as well as discount retailers and health food stores.
The company, which was founded by Team GB athlete Lisa Gawthorne, and business partner Karl Morris in 2011, plans to launch two new products later this year. “We are currently working in a number of categories from healthy snacking and confectionery to functional beverages and meat alternatives all of which carry their own exciting NPD plans,” the spokeswoman added.
In addition to UK trade, Bravura’s export markets include Australia, Sweden, Iceland and Slovakia.
“Moving our banking over to HSBC UK and securing this funding means we’re able to grow the business faster as demand for our products increases,” said Karl Morris, co-owner of Bravura Foods and winner of the award for Innovation at the Institute of Directors Awards 2019.
“We are thrilled to have the support of the bank during this exciting time for the business and are confident we have secured the best finance facility to suit our fast growth strategy. Our relationship manager, Andrew Jones, has been incredibly helpful in making sure of this and we look forward to continuing our relationship with the team.”
Vegan market booming
Phil Sargeant, HSBC UK area director for South Wales Business Banking, said: “The market for independent, vegan and vegetarian products is booming in the UK and around the world, so we are delighted to be supporting Bravura Foods as it continues its ambitious growth strategy.
“Karl and Lisa are both passionate about the business and we look forward to supporting them in their success in the years to come.”