Welsh business Tregroes Waffles is to expand its product range and increase capacity following a six-figure investment.
The investment from the Development Bank of Wales has enabled the firm to acquire an additional waffle production line that was purchased overseas and refurbished in Holland. This will enable Tregroes to increase production from 4,000 waffles an hour to at least twice this rate.
The line will also enable the Llandysul-based company to produce different-sized waffles, which will come into production late next year.
Tregroes said the funding would help it meet the strong and growing demand for its waffles from supermarket chains and wholesalers.
“The market in the UK is growing fast for the taste of our waffles and we already supply many outlets all over the UK, including prestigious accounts in London and a number of national supermarket retailers,” explained founder Kees Huysmans, who is from Holland and originally moved to Wales to become a farmer.
“To be able to add this production capacity to the bakery, is an exciting and proud moment, which will create a great foundation for the future.”
The Development Bank of Wales described Tregroes as a well-respected business with a growing national customer list.
“Quick access to finance was key to allow the company to purchase a bespoke piece of machinery to meet the fast-growing demands of new contracts,” said portfolio executive Richard Easton.
“The Development Bank of Wales was created for businesses like Tregroes – to fund long-term growth finance as well as follow-on investment and additional working capital as the business grows.”
The funding came from the Wales Business Fund, which was created to support businesses with fewer than 250 employees based in Wales and those willing to move there.