Fabulous Bakin’ Boys has secured a £2 million invoice discounting facility from Lloyds TSB Commercial Finance.
Baking company Fabulous Bakin’ Boys has secured a £2 million invoice discounting facility from Lloyds TSB Commercial Finance.
The company, based in Witney, Oxfordshire, will use the funding as a cash flow boost in order to pay suppliers in advance.
The facility advances up to 85 per cent of issued invoices within 24 hours of them being raised, allowing the business to put in an expansion strategy and invest in developing new products and existing lines.
According to a statement, the business is set to increase turnover to £20 million.
One of the founding partners of Fabulous Bakin’ Boys, Jon Frank, says, ‘The baked snack market is moving towards more and more healthy options and in order to expand it is necessary to drive growth through innovation.
‘Flexible liquidity is therefore essential to invest in developing new products and as demand for all our goods continues to grow, we found a cash flow solution was needed to free up funds.’
Established in 1997, Fabulous Bakin’ Boys produces a range of baked goods, including muffins, flapjacks and cakes.
It employs 150 people at its 75,000 square foot warehouse in Witney.
It launched the first cake bar to contain one portion of the recommended daily intake of five portions of fruit and vegetables.