The funding will be used to carry out alterations to Appleby’s recently acquired industrial unit and to move into new international markets, including China and the US.
The Cumbria-based company said it would also provide the growth capital needed to help the business meet a surge in demand forecast by the company, after winning a number of significant new contracts in the UK and overseas.
Appleby Creamery managing director Maurice Walton said: “As a growing business we’re faced with the challenges of accessing finance and NPIF has provided us with a platform to make the most of the market opportunities.
‘Focus on domestic growth’
“Our strategy is to focus on domestic growth, while exploring opportunities to trade overseas. We are already seeing increased interest from customers in Asia and have started the process of licensing our products for sale in the Chinese market, so it’s an exciting time for us.”
Appleby Creamery employs nine staff and has annual sales of more than £500,000, which the company expects to increase thanks to the new funding package.
Maria Ramsdale, investment executive at FW Capital, said: “It has been a pleasure to work with the team at Appleby Creamery. They have a great range of products and are exactly the sort of growth company the NPIF debt fund was set up to help.
“It’s rewarding to work with a company that is committed to driving their business into new territories with positivity and passion for both customer service and quality of product.”
Scale up or stay ahead
NPIF provides microloans, debt and equity investments – ranging from £25,000 to £2m – to help small businesses to start up, scale up or stay ahead of their peers.
The project is supported financially by the EU, using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Meanwhile, bakery ingredients supplier Real Good Food has secured at least £8.2m of additional funding from its three major shareholders, after facing severe financial challenges over the past 12 months.