Pieminister has purchased its four-acre production site in Bristol to help double production over the next three years.
The pie manufacturer has bought the 18,000 sq ft facility in Westbury on Trym, with the help of a seven-figure funding package with HSBC bank.
As a result of the move, the company has said it will extend its premises and expand production, while safeguarding more than 70 jobs in the region, avoiding a move to a new location in south Wales.
Gonzalo Trujillo, director, Pieminister, added: “HSBC’s involvement in this deal was vital and we are pleased the bank has backed our long-term vision for the company and also supported the local Bristol economy. To invest in the future growth, Pieminister needs a long-term manufacturing base and this deal means we can now keep the facility and maintain our commitment to Bristol as the centre of our operations.
“We are expanding fast, but securing the site in Bristol means we have a site that’s big enough for us to grow into for many years to come. This is wonderful news for the business, the city and for our dedicated staff here in Bristol.”
Nick Stork, commercial director at HSBC Bristol and Bath, said: “This was a complex deal but we are pleased to have supported Pieminister’s acquisition of the site, a key transaction for the business. This is a young, ambitious company that has set its sight on significant growth and is the type of business that HSBC is keen to support.”
Pieminister has reported a turnover of around £9m a year, and is looking to at least double it over the next three years.