Park Cakes, a major supplier of own-brand cakes and desserts for retailers, plans to pursue further growth and investment opportunities, after securing a multi-million-pound funding package from Yorkshire Bank.
The company, which manufactures cakes and desserts for leading retailers, including Marks & Spencer, said the funding would provide the business with “greater financial flexibility” and would “assist its growth aspirations”.
The funding package provided includes refinance and asset finance, aimed at delivering growth, said the firm. Paul Morton, finance director at Park Cakes, said: “The funding package put together by Yorkshire Bank will enable us to further invest in the business and continue with our aggressive growth plans. We have exciting developments in the pipeline over the next two to three years.”
Established almost 80 years ago, Park Cakes operates from two production sites, located in Oldham and Bolton. It employs around 1,200 permanent staff and up to 1,000 seasonal staff at peak production times, such as Christmas. The company is owned by funds advised by the European mid-marked investment firm Vision Capital.
Last year, Park Cakes picked up the licence for a new Gruffalo Cakes range from Magic Light Pictures.