The investment, backed by a £3m funding package from Lloyds Bank Commercial Banking, was used to procure a new savoury production line, ovens and cold storage facilities for the business.
Chairman and chief executive Peter Wright said the investment in new equipment had given the manufacturer the capacity to boost growth and make its entire operation more efficient.
“It is critical that we are able to stand out from our competitors, and this new funding will help diversify our offer as the first UK vending company to manufacture and supply fresh food on a daily basis,” said Wright.
“We’ll also be in a position to improve the sustainability of our packaging – introducing more and more recyclable materials into our processes.”
The investment followed an eventful year for the manufacturer, which saw Wrights grow its workforce by 10% to 650 people and secure its first strategic partnership with a specialist airline catering supplier.
Coupled with the recent success of its Urban Bistro division, Wrights expected the investment to help double the size of its offer to more than 600 locations in the next year.
‘Flexible funding to invest’
Commenting on the manufacturer’s investment, Lloyds Bank relationship director Chris Pennick said: “For firms like Wrights to realise their growth ambitions, it’s critical that they have flexible funding to invest both now and in the future.
“We’re a long-term supporter of the business and it’s great to see the firm’s entrepreneurial outlook being recognised.”
The funding provided to Wrights formed a portion of the £1.3bn lent by Lloyds Bank to businesses in the north west of England in 2019 – part of a wider £18bn of support pledged by the bank to UK businesses.