A company which specialises in supply, refurbishment and cleaning of commercial baking trays and tins is expanding with a £400,000 investment.
Lancashire-based Cleanbake, which counts ASDA, Morrisons, Premier Bakeries and Warburtons as customers, secured the cash from the Merseyside Special Investment Fund (MSIF) and The North West Fund for Business Loans managed by FW Capital.
Both organisations put up £200,000 as part of the agreement.
Cleanbake was acquired by Shaun Hughes four years ago and with his senior team he grew the business significantly and invested in a range of environmental improvements.
“Our business requires capital commitment up front when we win new contracts so the funding we have secured is vital to meet the needs of our clients,” he explained.
“This funding will give us working capital to invest in new stock and the option to take on new staff which will not only enhance the service we offer to current clients but give us the resource we need to service more contracts.”
Hughes said it was currently “quite difficult” for businesses to secure funding, but hailed MSIF and FW Capital for working as a team to put the right funding package together.
Cleanbake currently employs more than 60 staff and plans to add a further five heads over the course of the next year.
It generated sales of £5.2m last year and hopes to exceed that by reaching sales of £5.6m this year.
The Business Loans Fund, provided by the European Regional Development Fund and the European Investment Bank, is part of the substantial pot of money in excess of £150m known as The North West Fund.
It invests in small to medium sized enterprises to create jobs and prosperity for the North West of England.