Baking cases and muffin wraps manufacturer Chevler has secured funding from the Development Bank of Wales.
The six-figure loan is the fifth investment in the Hengoed-based company since its first in 2009, which funded a buyout by the current management team.
Since then, the company’s turnover has more than doubled, and Chevler said the new investment will enable it to build on last year’s record sales and fund its expansion programme.
“The money will be used to help buy equipment in our recently refurbished unit, allowing the company to meet the demands posed by a changing, challenging and competitive marketplace,” said Chevler finance director David Anthony.
“These funds will enable us to invest in new baking cup machinery and launch a range of new shapes and designs. The backing we have received from the Development Bank of Wales has been vital in helping us build our product range and move into new markets.”
Funding for the deal came from the Wales Business Fund, which is part-funded by the European Regional Development Fund through the Welsh Government.