The Bristol-based firm produces encapsulated flavours and functional ingredients for the food and drink industry, especially bakery, confectionery, chewing gum and nutrition.
Janis Sinton, founder of TasteTech, said: “Supply chain issues continue to plague UK manufacturers, making it extremely difficult to secure raw materials on time and within budget. We’re also seeing more food producers looking for UK manufacturers, reducing the risk of shipping delays from overseas suppliers.
“Thanks to the support from Lloyds Bank, we’ve been able to access funding that will help us guarantee supply for customers with more reliable timescales. Having the resources in place and in the UK means we can ensure supply to our customers in a more cost-effective and timely manner.”
This funding round followed investment by TasteTech into an additional storage facility of more than 5000 sq ft to enable further growth. They have also added an extra production line, which will increase capacity by over 1 million kg per year.
Will Kite, relationship director at Lloyds Bank, added: “It’s been brilliant to support TasteTech as it moves to protect its customers’ supply chains and secure its long-term future. By seeking funding solutions now, the business can continue providing the products that are in high demand and explore new growth opportunities.
“Lloyds Bank is proud to support an industry leader like TasteTech who is championing sector innovation while continuing to support its customers through challenging headwinds.”
Founded in 1992, TasteTech has been trading and manufacturing for over 30 years and currently employs 70 people. Within the next five years, turnover is set to increase by a further 50% to exceed £15m.
Meanwhile, Brymore Ice Cream has invested £100,000 in new production equipment, the latest in a string of investments to boost the company’s efficiency.