Premium desserts developer and manufacturer, Rhokett has secured a £1.5m funding package from HSBC to open its third factory in Kent, a move expected to create more than 50 new positions.
The expansion is hoped to allow the desserts supplier to double its capacity and increase the output of its own range of Rhokett branded cheesecakes and own label bespoke desserts.
These will be provided to a growing range of retail customers, including the likes of M&S; Waitrose; Pret A Manger, and J. Sainsbury.
HSBC provided Rhokett with a term loan of £900,000 and an asset finance facility of £600,000 to help finance the fit out of the new factory, situated opposite the company’s second factory.
The business has grown more than 20% per annum for the past 10 years, and now has a turnover of £12m.
The new factory is expected to create more than 50 new jobs and Rhokett expects turnover to increase to over £15m next year and further beyond that.
Chairman of Rhokett, Peter Le Voir commented: “We are very excited to be opening the new factory shortly.
“The doubling of capacity is in response to high levels of demand for our bespoke desserts, cakes and related products. We are proud of the contribution that we can make including the provision of increasing employment opportunities.
Corporate banking relationship director for HSBC in Kent, Matt Povey said: “Rhokett has experienced great success since launching in 2002, with an impressive customer portfolio featuring some of the nation’s most famous retailers and eateries.
“With such rapid growth and a new range launching, the company needed a third factory. Our team worked closely with Rhokett to ensure a bespoke funding package was created to best support the business during its continuing expansion.”