Scottish fudge company Mrs Tilly’s Confectionery has secured a £1.6m finance package to extend its market.
The fudge business, based in Stirlingshire, expects to increase its turnover from international sales to 10% by 2016, and turnover is expected to hit £5m in the next five years.
The funding, granted by HSBC, will be used to invest in new machinery to increase production efficiency by 5%, and will enable the company to employ 16 more staff members.
Blair Paterson, managing director of Mrs Tilly’s Confectionery and son of the founders, said: “My parents founded the business in the family kitchen in 1997 and have worked extremely hard to make it the success it has become today. We have ambitions to grow the business and take Mrs Tilly’s fudge and tablet to an even wider international audience.
“The products we produce today follow exactly the same recipes and processes that were used from the start. We are very proud of our heritage, knowing that our products are being enjoyed by people around the world.”
Susan Rowand, head of business banking for HSBC in Scotland, said: “Mrs Tilly’s already has a presence overseas, but is looking to enter new markets and make Mrs Tilly’s fudge and tablet a truly global business. They have all the ingredients required to be successful, and we are pleased to be part of this exciting period, supporting its growth.”
This finance package, which marks the start of a new banking relationship with the business switching its full banking requirements to HSBC, has been allocated from the bank’s national £8 billion SME fund, with £400m specifically designated to support Scottish firms.