The cash would fund continued growth in sales of its party and snack foods, including mini-Victoria sponges served during the Queen’s Diamond Jubilee at Sandringham, the company said.
It would help take it into new markets, enhance and upgrade production lines and improve production and stock efficiencies, it added.
“We are delighted to have raised more than our target,” said Cushion. “In fact we were oversubscribed, and turned some funding away.
‘Market opportunities’
“We are particularly looking forward to working with our new shareholders and board to capture the emerging exciting market opportunities both in the UK and overseas.”
Sales and marketing manager Matt Lawley told FoodManufacture.co.uk: “We’re looking at bringing in more manufacturing lines and bakery kit designed to make us more efficient and increase capacity.”
Innovation would help drive growth and the firm was going into production today with a new product, said Lawley. “We are just launching a new quiche-to-go product – an individual slice of quiche sold alongside sandwiches.”
Kitchen table to boardroom table
The Norfolk food firm said it had moved from kitchen table to boardroom table in the past six years, having grown production capacity by more than 50% to boost UK and overseas sales.
“We exhibited in Singapore in April and are following through leads, working closely with UK Trade & Investment,” said Lawley. “We identified the region as receptive to party food, particularly our Great British miniatures. There’s a lot of appetite for British products out there at the moment.”
Frank Dale Foods’ most recent tranche of funding was brokered by Cushion and supported by Ipswich-based fund manager Finance East, which supports small and medium-sized businesses across the East of England.
The cash is comprised of a grant from New Anglia LEP, a loan from Finance East and new equity from Cambridge Capital Group, representing more than half of the total amount.
‘To survive and thrive’
Stuart Ager, Senior Fund Manager at Finance East said: “To survive and thrive in the recent economic climate, businesses have needed to find a way to stand out in their market, or indeed, venture into new markets.
“Frank Dale Foods has been successful in both these areas, through its innovative produce distinguishing it from competitors and in developing additional product ranges to address new market opportunities. We, along with the other funders, are pleased to be supporting Robert and the team through their next phase of growth and are excited to be part of their ongoing journey.”