Premium dessert manufacturer Pots & Co is eyeing international expansion after securing a £1.2m funding package from Lloyds Bank.
The London-based pudding business – stocked by Waitrose, Tesco, Selfridges and Eat among others – will use the funds to support growth in the US, which currently accounts for more than half of its £17m turnover.
As part of its expansion plans, Pots & Co - which is already stocked by retail heavyweight Costco - is looking to secure contracts with “major” US retailers including Walmart, Whole Foods and Safeway.
The business, led by entrepreneur Julian Dyer and former chef at Michelin-starred restaurant The Square Fraser Thomson, is also planning to boost its global sales to more than 22m units in 2019, with the funding used to build up its stock of raw materials, allowing it to increase production.
Pots & Co sold 14m pudding pots in 2018.
“Pots & Co has grown rapidly since we started the business in a small rented kitchen just six short years ago,” Dyer said.
“North America has quickly become our number one avenue for international growth and will form a key part of our strategy for the foreseeable future. Having Lloyds Bank by our side has given us the flexibility to scale up at speed, while targeting essential new contracts and maintaining our commitment to using ethically sourced products from around the world.”
The funding facility is part of a £2.6bn lending commitment from Lloyds to businesses in the capital in 2019.
Lloyds Bank relationship director Terri Rose said: “Pots & Co is an outstanding example of how a business can be sustainable in its growth through an ambitious and considered strategy for global expansion.
“We’re proud to support ambitious London brands flying the flag for British business overseas as we continue to help Britain prosper.”
No comments yet