Healthy snack bar manufacturer Wholebake has taken the unusual step of selling off some of its manufacturing equipment to raise funds for new product development.

Wholebake, which is based in Corwen, North Wales, made £50,000 in a sale and leaseback deal with asset finance lender Davenham, which meant it could develop bite-sized flapjacks in resealable packs, known as Flapjack Bites.

"We had identified a product which was perfect for the snacking market and felt sure it would sell well," said MD Mark Gould. "In order to develop the new product we needed to raise around £50,000. Following a recommendation from our finance brokers, we contacted Davenham and they quickly put funds together enabling us to rapidly raise the equity required."