Flavourings and ingredients manufacturer TasteTech has successfully received a UK£300k funding package from Lloyds Bank, which will help the company in securing additional raw materials.
First founded in 1992, the manufacturer utilises encapsulation technology to provide solutions to producers worldwide. Its products have a wide range of applications including chewing gum, confectionery and bakery, to help overcome manufacturing issues, as well as improve quality and reduce cost.
Just last year, the Bristol-based company leased additional storage as it has gradually expanded its footprint at Wilverley Industrial Estate. It now occupies 28,000 square footage of space.
“Demand for industrial space across Bristol is extremely competitive, especially in the central district of St Philips. We were delighted to work with Janis and the TasteTech team and wish them well,” said Emma Smith of Alder King’s industrial agency team, at the time of announcement.
Now, the company has successfully secured funding from Lloyds Bank which will go towards purchasing additional raw materials.
“Supply chain issues continue to plague UK manufacturers, making it extremely difficult to secure raw materials on time and within budget,” explained Janis Sinton, Founder of TasteTech. “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.”
“It’s been brilliant to support TasteTech as it moves to protect its customers’ supply chains and secure its long-term future,” added Will Kite, Relationship Director at Lloyds Bank. “By seeking funding solutions now, the business can continue providing the products that are in high demand and explore new growth opportunities.”
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