Snack bar producer Wholebake sold off some of its manufacturing equipment to finance developing and launching a new line.

The company didn't have the ready cash to launch its bite-sized flapjacks in resealable packs, so set up a sale and leaseback deal with asset-based lender Davenham Finance.

MD Mark Gould said Wholebake was convinced the line would sell well but had needed to raise £50,000 to develop it.

The new Flapjack Bites - available in cherry and sultana & apple flavours - are now sold in Waitrose, Costcutter and Nisa, with a listing in Co-op stores set to begin in the new year. "Most high street banks and main street funders view used equipment as poor security and as a consequence are not keen on refinancing," said Davenham sales manager Matt Tate. "We take a more flexible view, which enables the customer to raise working capital against existing plant and machinery, regardless of age."