Bolton-based Franco’s Bakery has secured a six-figure funding boost to acquire new production line equipment.
The bakery, which supplies supermarkets across the UK, is using the HSBC UK package to invest in eight Farhat Food Equipment machines to expand its product range.
According to the company, the new equipment means Franco’s wholesale customers will now be able to purchase new granary breads, pitta breads and wraps, as well as other existing products within the bakery’s portfolio.
The upgrade will help Franco’s realise its strategic growth plans having also won ‘multiple large contracts’ to supply major UK supermarkets, the company said.
The bakery added that it expects to see a 60% increase in turnover – amounting to an additional £1.5m – over the next 12 months as a result of servicing new contracts with the new equipment. In addition, Franco’s plans to create 15 new jobs on the site in Bolton.
The deal follows a recent relocation by the bakery to a 20,000 sq ft facility, offering a 60% increase on the original site.
“Securing this funding from HSBC UK is a real milestone for the business,” said Dilaver Valli, managing director of Franco’s Bakery. “It allows us to build on our growth plans with firm financial foundations and the new equipment means we can expand our product range with delicious new bakery items.”
Franco’s Bakery was established in 2003. The business began by supplying bread products to local restaurants and takeaways in the north west and has since grown to employ 30 people.
“Franco’s Bakery is a well-established and respected business within its sector and has been a customer of ours for 18 years,” said Andrew Holgate, business banking relationship manager at HSBC UK. “We’re delighted to be able to support a business that has demonstrated resilience throughout the pandemic, and we look forward to helping the bakery continue to grow.”