Waffle machine supplier The Malted Waffle Company is aiming to increase its overseas business after securing funding from Santander.
The Tamworth-based business, which also sells waffle mixes, is set to start exporting into international markets, including Europe and the United Arab Emirates. Its current customer base includes hotels, restaurants, cafés and guest houses.
A family-run business, The Malted Waffle Company was established in 1986 as a distributor of waffle products for a US company, but began manufacturing in the UK in the 1990s.
It has reported 33% year-on-year growth between 2016 and 2017 and, over the next five years, hopes to drive further growth by focusing on sales in the UK and overseas, and by increasing the leasing of waffle machines to the hospitality industry to grow sales of waffle mixture.
The company currently employs 11 staff and is looking to increase the number of its employees to accommodate increased sales in the UK and abroad.
“Now that we are established in the UK, we want to set our sights overseas,” said founder Georges Barret. “In the short term, this means targeting Ireland, Spain, France and the UAE; longer term, I want our aspirations to be global.
“We have developed a great business, supported by a strong business model and we truly believe we can grow in new markets.”
In addition to supplying funding, Santander Business Banking has enabled The Malted Waffle Company to attend Santander’s Breakthrough events, where it has showcased its products to prospective customers. The business has also had access to Santander’s co-funded intern programme.
“The Malted Waffle Company is a very strong business and we are proud to be able to help it meet growth targets for the years ahead,” said Santander Business Banking relationship director Chirag Mistry.